Litecoin price traded further lower towards $75.00 against the US Dollar. LTC/USD is currently recovering and is showing positive signs above $77.00.
Key Talking Points
- Litecoin price declined below yesterday’s low and traded close to $75.00 (Data feed of Kraken) against the US Dollar.
- Yesterday’s highlighted important bearish trend line was breached with resistance at $77.60 on the hourly chart of the LTC/USD pair.
- The pair may continue to rise higher towards the key resistance at $80.00 in the near term.
Litecoin Price Forecast
Yesterday, there was a sharp downside move below $80.00 in litecoin price against the US dollar. The LTC/USD pair declined to $76.00, corrected higher, and later declined to a new low.
Looking at the chart, the price broke the last swing low near $76.20 and declined below $76.00. It traded close to the $75.00 level and a new low was formed at $75.55. Later, the price started an upside correction and moved above $77.00.
It also broke the 23.6% Fib retracement level of the last decline from the $84.56 high to $75.55 low. Moreover, yesterday’s highlighted important bearish trend line was breached with resistance at $77.60 on the hourly chart of the LTC/USD pair.
However, there are a few important hurdles on the upside near the $80.00 level. The stated barrier coincides with the 50% Fib retracement level of the last decline from the $84.56 high to $75.55 low.
More importantly, the $80.00 level was a support earlier, and now it could prevent gains. Above this, LTC price is likely to test the 100 hourly simple moving average, which is currently at $81.00.
On the downside, the $75.00 support area holds a lot of importance. As long as litecoin price is above $75.00, it could attempt to recover above the $80.00 level.
On the other hand, if LTC/USD fails to recover above the $80.00 level and breaks the $75.00 support, it could decline further towards the $70.00 level in the near term.
The market data is provided by TradingView.
