Litecoin Price Analysis

Litecoin Price Analysis: Can LTC/USD Hold The $80 Support?

Litecoin Price Analysis LTC USD

Litecoin price failed to recover and declined below $82.50 against the US Dollar. LTC/USD must stay above the $80.00 support to avoid further slides.

Key Talking Points

  • Litecoin price traded further lower and broke a key support at $82.50 (Data feed of Kraken) against the US Dollar.
  • There is a key connecting bearish trend line in place with resistance near $82.00 on the hourly chart of the LTC/USD pair.
  • The pair is facing a couple of crucial resistances like $82.00, $82.50, $84.50 and $85.00.

Litecoin Price Forecast

There was no upward move in litecoin price above the $85.00 resistance level against the US dollar. The LTC/USD pair slowly moved down and broke the $83.00 and $82.50 support levels.

Looking at the chart, the price declined and traded towards a crucial support at $80.00 and settled below the 100 hourly simple moving average. The price traded as low as $79.74 and later started an upward correction.

Litecoin Price Analysis LTC USD

It moved above the 38.2% Fib retracement level of the last decline from the $84.56 high to $79.74 low. However, the upside move was capped by the previous support at $82.50. Moreover, there is a key connecting bearish trend line in place with resistance near $82.00 on the hourly chart of the LTC/USD pair.

The trend line and the 50% Fib retracement level of the last decline from the $84.56 high to $79.74 low also acted as a key hurdle. The price is currently under pressure and is declining towards the $81.00 level.

On the downside, the $80.00 support zone is very important. A close below this could accelerate declines in litecoin towards the $75.00 level.

On the other hand, the price has to move above the trend line and the $82.50 resistance to start a recovery. The next resistance is at $83.50 and the 100 hourly SMA.

However, the most important resistance is near the $84.50 and $85.00 levels. As long as litecoin price is below these, it remains at a risk of more declines below $80.00.

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
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