• Litecoin (LTC) is trading below $90 and the 55 simple moving average (4 hours).
• There is a major contracting triangle forming with resistance near $89.20 on the 4-hour chart of the LTC/USD pair.
• The price could continue to decline if it stays below the $92 resistance zone.
Litecoin 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. If there is a downside break below the $85.00 support, the price could accelerate lower toward the $80 level in the near term.
Resistance Zone
On the upside, Litecoin price is facing resistance near the $49.00 zone and its main resistance sits near the $92 level. A clear move above this level could pump up its price towards to as high as $95 or even higher at$98 and beyond that at$100 as well.
Immediate Support Level
On the downside, immediate support for Litecoin lies close to its current levels at around $86.60 and further down at its key support of around$85.00 level which if breached can make it accelerate lower towards$80 in no time at all!
MACD & RSI Indicators
Looking into technical indicators such as MACD & RSI shows that they both are presently bearish yet losing their momentum in bearish territory again signifying that we might see some kind of recovery soon enough in case it breaks out from its current range bound pattern it has been stuck in for quite some time now!
Conclusion
To conclude, Litecoin currently looks like it will remain under pressure unless it manages to break out from its current range bounded pattern with an upside move above its main resistance point lying at around 92 USD per coin but if not then we may see prices continuing to fall further down towards 80 USD per coin!