Litecoin price is consolidating above the $80.00 level against the US dollar. LTC could start a recent rally if it clears the resistance zone at $88.00.

• Litecoin is showing positive signals from the $80 support zone against the US dollar.
• The price is currently below $88 and the 100-hour straightforward moving average.
• A key bearish trend line is forming on the hourly chart of the LTC/USD pair (feeding data from Kraken) with resistance at USD 86.00.
• The price could start a recent rally if it clears the resistance zone at $88.00.

Litecoin price is waiting for a fresh augment

After establishing a base above $85, Litecoin began a recent surge. LTC price has broken the $88 and $90 resistance levels to move into a positive zone like Bitcoin and Ethereum.

The price increased by over 10% and even exceeded the level of $95. A high was formed at $98 and then a pullback occurred. The price dropped below $88 and tested $82. The low formed at $81.69 and the price is currently consolidating losses below the 23.6% Fib retracement level resulting from the downward move from the high of $94.71 to the low of $81.69.

Litecoin is currently trading below $88 and the straightforward moving average of 100 (4 hours). On the other hand, immediate resistance is located near the $85.00 zone. A key downtrend line is also forming on the hourly chart of the LTC/USD pair with resistance at $86.00.

The next major resistance is located near the $88 level or the 50% Fib retracement level in a move down from the $94.71 high to the $81.69 low. If there is a clear break above the resistance at $88, the price could begin another mighty rally. In this case, the price will likely continue to rise towards the $92 and $95 levels. Any further increases could push the LTC price towards the $100 resistance zone.

More LTC losses?

If Litecoin price fails to break through the $86 resistance level, another decline could occur. Initial downside support is near the $82 level.

The next major support is forming near the $80 level, below which there is a risk of a shift towards the $75 support. Any further losses could possibly push the price towards the support at $68.

Technical Indicators:

Hourly MACD – The MACD is currently losing momentum in a bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for LTC/USD is below the 50 level.

Major support levels – $82.00 and then $80.00.

Major resistance levels – $86.00 and $88.00.