Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Could Resume Upside Above $85

Litecoin Price Analysis LTC USD

Litecoin price dipped recently towards $80.00 against the US Dollar. LTC/USD is currently consolidating and is preparing for an upside move above $85.00.

Key Talking Points

·         Litecoin price is facing a crucial resistance near $85.00 once again (Data feed of Kraken) against the US Dollar.

·         There was a break above an important bearish trend line with resistance near $83.50 on the hourly chart of the LTC/USD pair.

·         The pair has to break the $85.00 resistance and the 100 hourly SMA to gain momentum.

Litecoin Price Forecast

There was a downside correction in litecoin price below the $84.00 and $83.00 levels against the US dollar. The LTC/USD pair traded towards the $81.50 level before buyers appeared.

Looking at the chart, the price formed a low at $81.38 and later started an upward move. The price moved above the 23.6% Fib retracement level of the last drop from the $90.61 high to $81.38 low.

Litecoin Price Analysis LTC USD

More importantly, there was a break above an important bearish trend line with resistance near $83.50 on the hourly chart of the LTC/USD pair. However, the upside move was capped by the previous support at $85.00.

Moreover, the 38.2% Fib retracement level of the last drop from the $90.61 high to $81.38 low and the 100 hourly simple moving average also acted as key resistances. If there is a break and close above the $85.00 resistance, there could be more gains in the near term.

The next resistance is near the $87.00 level, above which, the price will most likely surge above the $88.00 level. On the flip side, if the price fails to move above $85.00 and the 100 hourly SMA, it could retest the $82.60 support.

Below the $82.60 support, litecoin price may perhaps revisit the last swing low near $81.50. Overall, LTC/USD is trading in a positive zone as long it is above $82.60 and $81.50. Below these, the price may well move into a short-term bearish zone 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
Related posts
Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Approaching Next Bullish Break

Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Bullish Continuation Above $48, $50

Crypto AnalysisLitecoin Price Analysis

Litecoin Hash Rate Proportional to Price, Will LTC Close Above $50?

Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Uptrend Intact, $50 Could Be Next Target