Litecoin Price Analysis: Bulls Aim to Protect $80 as Correction Continues

• Litecoin started a downside correction from the $95 zone against the US Dollar.
• There was a break below a key bullish trend line with support near $85 on the 4-hours chart of the LTC/USD pair.
• The pair remains supported for a fresh increase unless there is a clear move below $80.

Litecoin Price Analysis

Litecoin started a downside correction from the $95 zone against the US Dollar. There was a break below a key bullish trend line with support near $85 on the 4-hours chart of the LT/USD pair. The pair remains supported for a fresh increase unless there is an clear move below $80.

Resistance Levels

On the upside, the price is facing resistance near the $85 level. The next major resistance sits near the $90 level. A clear move above this could pump Litecoin up to test out its potential at around $95.

Support Levels

There is immediate support near at around $82.80 or 61.8% Fib retracement level of an upward move from low ($75.32) to high ($95). The next major support is located at around $80 which should be noted as it may trigger and start off strong declines if broken through beneath this mark.

MACD and RSI Indicators

The MACD for LTC/USD signals bearish momentum while RSI for LTC/USD is currently trading under 50 level, indicating no signs of any trend reversal yet in sight.

Conclusion

Overall, Litecoin price remains supported for further increments unless there are clear moves beneath its current support levels ($82 & 80).