Litecoin price climbed higher towards the $85.00 resistance and recently corrected lower against the US dollar. LTC is currently holding a key support and dips remain well supported above $76.50.
Key Talking Points
- Litecoin price started a downside correction after trading close to $84.00 (Data feed of Kraken) against the US Dollar.
- There is a major ascending channel in place with support at $80.00 on the hourly chart.
- LTC price remains well supported on the downside near the $80.0 and $78.00 levels.
Litecoin Price Analysis (LTC)
Recently, there was a decent comeback in bitcoin, Ethereum, EOS, litecoin and ripple against the US Dollar. The LTC/USD pair started a steady rise from the $75.00 support and climbed above the $80.00 and $82.00 resistance levels.
Looking at the chart, LTC price traded towards the $85.00 resistance and settled above the 100 hourly simple moving average. A swing high was formed near the $84.01 level and recently the price corrected lower.
It declined below the $82.00 level, but found support near the $80.00 level and the 100 hourly simple moving average. There is also a major ascending channel in place with support at $80.00 on the hourly chart.
The pair traded as low as $80.02 and it is currently consolidating losses. An initial resistance is near the $82.00 level and the 50% Fib retracement level of the last decline from the $84.01 high to $80.02 low.
However, the main resistance is near the $82.50 level and the 61.8% Fib retracement level of the last decline from the $84.01 high to $80.02 low. A successful close above $82.00 and $82.50 is likely to open the doors for more gains above the $84.00 resistance level.
On the other hand, if there is a downside break below the $80.00 support and the 100 hourly SMA, the price could decline towards the $78.00 or $76.50 support level.
Overall, litecoin price remains well supported on the downside above $76.50 and LTC bulls are likely to regain control for a fresh increase towards the $84.00 or $85.00 level in the near term.
The market data is provided by TradingView.
