Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Dips Remain Attractive To The Bulls

Litecoin Price Analysis LTC Chart

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.

Litecoin Price Analysis LTC Chart

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.

Aayush Jindal
About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets Reach Aayush via email: [email protected]
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