Litecoin Price Analysis

Litecoin (LTC) Price Setting Up For Next Upside Break

Litecoin Price Analysis LTC Chart

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.

Litecoin Price Analysis LTC Chart

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.

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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