Litecoin price started a nice upside move and broke the $80.00 resistance against the US Dollar. LTC/USD is now in a decent uptrend above the $80.00 level.
Key Talking Points
Litecoin price surged higher and broke a major resistance near $80.00 (Data feed of Kraken) against the US Dollar.
There is a major bullish trend line forming with support near $81.20 on the hourly chart of the LTC/USD pair.
The pair is currently correcting lower, but it remains well supported above $81.00 and $80.00.
Litecoin Price Forecast
Yesterday, there was a solid support base formed near $77.50 in litecoin price against the US dollar. The LTC/USD pair started an upward move and traded above the $78.00 and $80.00 resistance levels.
Looking at the chart, the price clearly gained a lot of traction after it broke the $80.00 resistance and settled above the 100 hourly simple moving average. The price traded above the $82.00 level and it almost tested the $85.00 level.
A high was formed at $84.48 before the price started a downward correction. It broke the 23.6% Fib retracement level of the last leg from the $77.59 low to $84.48 high.
However, there are many supports on the downside above the $81.00 level. An initial support is the $81.50 level. Below this, there is a major bullish trend line forming with support near $81.20 on the hourly chart of the LTC/USD pair.
The same trend line is above the 50% Fib retracement level of the last leg from the $77.59 low to $84.48 high. Therefore, any dips from the current levels are likely to find support near the $81.50 and $81.20 levels.
On the upside, there is a key resistance near the $84.50-85.00 level. A successful break above this could open the doors for an acceleration towards the $90.00 level.
Overall, it seems like litecoin buyers are back in control above the $80.00 level. As long as LTC price stays above $80.00, there are chances of more upsides in the near term.