Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Price Near Make-or-Break Levels

Litecoin Price Analysis LTC Chart

Litecoin price recently corrected lower and tested the $85.00 support area against the US dollar. LTC is currently moving higher and it trading near a crucial resistance area near $90.00

Key Talking Points

  • Litecoin price found a strong support near the $85.00 level and bounced back (Data feed of Kraken) against the US Dollar.
  • There is a major bearish trend line forming with resistance at $89.80 on the hourly chart.
  • LTC price could start a strong upward move above the $90.00 resistance level.

Litecoin Price Analysis (LTC)

Recently, there was a major downside correction in bitcoin, Ethereum, EOS, litecoin and ripple against the US Dollar. The LTC/USD pair failed to gain pace above the $94.00 resistance and declined below the $90.00 support level.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price even broke the $88.00 support level and settled below the 100 hourly simple moving average. It tested the key $85.00 support area and recently started a fresh upward move.

The price traded above the $87.00 resistance level and the 23.6% Fib retracement level of the recent decline from the $93.57 high to $84.89 swing low. However, the price is now facing a strong resistance near the $90.00 level.

Besides, there is a major bearish trend line forming with resistance at $89.80 on the hourly chart. The 50% Fib retracement level of the recent decline from the $93.57 high to $84.89 swing low is also near the $90.00 level.

Finally, the 100 hourly simple moving average is positioned near $90.00. Therefore, a successful break above the $90.00 resistance will most likely open the doors for more gains in the near term.

On the upside, the next key resistance is near the $91.50 level, above which it could even surpass the main $94.00 resistance. The main hurdles are near the $98.00 and $100.00 levels.

Conversely, if LTC price fails to climb above the $90.00 barrier, it could decline once again. On the downside, an immediate support is near the $87.00 level, below which it could retest the main $85.00 support area.

The market d2ata is provided by TradingView.

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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