Litecoin price surged higher this week and broke the $95.00 resistance against the US dollar. LTC corrected lower recently, but the $80.00 support held losses and the price seems to be preparing for the next move.
Key Talking Points
- Litecoin price is trading nicely above the $80.00 support area (Data feed of Kraken) against the US Dollar.
- There was a break below a major bearish trend line with resistance at $85.00 on the hourly chart.
- LTC price is likely setting up for the next upside break above the $87.50 and $90.00 resistances.
Litecoin Price Analysis (LTC)
This week, there was a nasty upward move in bitcoin, Ethereum, EOS, litecoin and ripple against the US Dollar. The LTC/USD pair surged above the $70.00 and $80.00 resistance levels. The price even surpassed the $90.00 barrier and tested the $100.00 pivot level.
Looking at the chart, LTC price formed a solid support and rallied above the $90.00 and $95.00 resistance levels. The price traded as high as $99.58 and settled well above the 100 hourly simple moving average.
Recently, there was a downside correction below the $92.50 and $90.00 support levels. Sellers even pushed the price below the $86.00 level before buyers appeared near the $78.00-80.00 support area.
There were a few downside spikes and later a swing low was formed at $80.66. The price corrected higher and traded above the $86.00 resistance level. There was also a break above the 23.6% Fib retracement level of the last decline from the $99.58 high to $80.66 swing low.
Besides, there was a break below a major bearish trend line with resistance at $85.00 on the hourly chart. The current price action is positive, but the price must break $90.00 and the 50% Fib retracement level of the last decline from the $99.58 high to $80.66 swing low to start a fresh increase towards $95.00 or even $97.50.
Overall, litecoin price performed really well and it seems like LTC is setting up for a fresh upside break above the $90.00 resistance in the coming sessions. Conversely, a downside break below the $78.00 support might spark more losses towards $75.00.
The market data is provided by TradingView.
