Litecoin Struggles to Stay Above $90 as Cryptocurrency Market Declines
Litecoin, one of the top cryptocurrencies in the market, has started a fresh decline below the $95 zone against the US Dollar. The digital currency is now trading below $92 and the 55 simple moving average (4-hours), indicating a bearish trend.
According to data feed from Coinbase, there is a key bearish trend line forming with resistance near $85 on the 4-hours chart of the LTC/USD pair. The pair could struggle to clear the $85 and $90 resistance levels in the near term.
Litecoin’s struggles come as the entire cryptocurrency market is experiencing a decline. Bitcoin, ethereum, and ripple have also seen a fresh decline against the US Dollar in the past few sessions.
Earlier, LTC formed a high near $98.34 before starting its decline. The price even declined below the $90 support zone, with a low formed near the $85 level.
If Litecoin fails to stay above the $90 support level, it could continue to decline in the near term. The cryptocurrency market remains volatile, with investors keeping a close eye on the developments in the industry.
