Litecoin (LTC) Price Analysis
• Litecoin price is struggling below $90 against the US Dollar, similar to Bitcoin.
• There is a major contracting triangle forming with resistance near $89.20 on the 4-hour chart of the LTC/USD pair.
• The next major resistance sits near the $92 level and it could pump the price towards $95 or even $98.
Price Struggling Below $90
Litecoin price is currently struggling below $90 against the US Dollar, similar to Bitcoin. Earlier, LTC settled below the $90 resistance zone to move into a bearish zone. The price broke the $88 support zone and tested the key support at around $85. A low was formed near this level and since then, there has been an attempt by buyers to push prices back up above the key resistance levels.
Major Contracting Triangle
There is a major contracting triangle forming with resistance near $89.20 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase). On the upside, there is strong resistance near the $49.00 zone while on downside there is immediate support near at around$86.60 followed by another key support at around$85.00
Resistance Level Near 92
The next major resistance sits nearthe$92 level and if bulls manage to break above this level, it could start a decent increase for Litecoin towards$95 or even higher towards$98 in short-term time frame . However if bears manage to hold prices below this level and break down from current levels then we might see further downward movement in prices and next primary target could be seen near$80 mark .
Conclusion
Overall, Litecoin price is clearly trading below boththe$90 mark and 55 simple moving average (4 hours). If bears continue to dominate market then we can expect further downward movement in prices but if bulls manage to push prices abovethe$92 levels then we might see some bullish momentum for LTC in coming sessions .