Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Next Bullish Leg Underway

Litecoin price corrected lower recently and tested the $75.00 support against the US Dollar. LTC rebounded nicely and it seems to be preparing for a fresh increase above $87.00.

Key Talking Points

  • Litecoin price formed a decent support above the $75.00 level and recovered (Data feed of Kraken) against the US Dollar.
  • There is a major bearish trend line formed with resistance near the $86.20 level on the 4-hour chart.
  • LTC price must break the $86.20 and $87.00 levels to climb back towards the $95.00 and $100.00 levels.

Litecoin Price Analysis (LTC)

This past week, we saw a downside correction in bitcoin, Ethereum, EOS, ripple, litecoin and other altcoins against the US dollar. The LTC/USD pair declined below the $85.00 and $80.00 support levels before buyers appeared near the $75.00-76.00 support area.

Litecoin Price Analysis LTC Chart

Looking at the 4-hour chart, LTC price traded as low as $75.60 and recently recovered above the $77.50 resistance area. There was a break above the 23.6% Fib retracement level of the last drop from the $92.49 high to $75.60 low.

More importantly, there was a close above the $80.00 level and the 100 simple moving average (4-hour). The price is currently testing the $85.00 resistance and the 50% Fib retracement level of the last drop from the $92.49 high to $75.60 low.

There is also a major bearish trend line formed with resistance near the $86.20 level on the 4-hour chart. A successful break above the trend line and $87.00 may perhaps open the doors for more gains.

The price could rally towards the $95.00 level and it may even revisit the $100.00 resistance. On the downside, the $80.00 level is likely to act as a strong support along with the 100 SMA if the price corrects lower from the current levels. Below $80.00, the price could revisit the $75.00 support area.

Overall, litecoin price is clearly trading with a positive bias above the $80.00 level and the 100 simple moving average (4-hour). Therefore, there are high chances of an upside break above $87.00 and LTC is likely to climb higher towards the $95.00 and $100.00 resistance levels.

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: aayushjindal@ethereumworldnews.com
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