Litecoin price failed to surpass $115 on April 21st and had to back down with a correction. Subsequently, the price lost the $110 and $100 support level and fell down to $95 yesterday. At some point, LTC hit a low of $93 before having support from buyers. Currently, Litecoin price is at $97.
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Litecoin Price Action Analysis
Taking a look at the 4-hour chart, we see Litecoin price still inside a downward channel and consolidating between the top and bottom. Considering that, LTC hit the bottom at $95 yesterday and pivoted upward with the support.
Currently, the $100 level near the SMA100 and the 50% Fibonacci retracement level is the key resistance level for LTC. In case of a successful breakthrough, the $103 and $105 will be the next resistance levels for the price. Following that, the $110 to $115 zone will be coming next.
On the other hand, if Litecoin price fails to surpass $100 and subsequently loses the $93 support level, we could expect further decline. In this case, the $90 and $85 will be the next support levels for Litecoin.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for LTC is on a downward momentum.
RSI: the 1-hour relative strength index is approximately 40.
Resistance levels: the first support level will be $100. Then the $105 and $110 will be next. Following that, the $115 will be next.
Support levels: the first support for LTC is around $93. Then the $90 and finally the $85 will be the next down the line.
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