Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Could Retest $80

Litecoin price failed to clear the $85.00 resistance and moved down against the US Dollar. LTC/USD may perhaps continue to move down towards the $80.00 support.

Key Talking Points

  • Litecoin price recovery faced a lot of sellers near the $85.00 and $86.00 levels (Data feed of Kraken) against the US Dollar.
  • There is a connecting bearish trend line in place with resistance at $84.00 on the hourly chart of the LTC/USD pair.
  • The pair may perhaps continue to move down towards the $80.00 and $79.50 supports.

Litecoin Price Forecast

Recently, there was a decent recovery from the $79.54 low in litecoin price against the US dollar. The LTC/USD pair jumped above the $83.00 resistance, but it faced heavy offers near the $85.00 and $86.00 level.

Looking at the chart, the price formed a high at $85.90 and started a downside move. It declined below the $83.00 support and the 100 hourly simple moving average. There was also a break below the 50% Fib retracement level of the last wave from the $79.50 low to $85.90 high.

Litecoin Price Analysis LTC USD

At the moment, the price is trading near the $82.00 level and it remains at a risk of more losses. On the downside, an immediate support is around $81.00. It is close to the 76.4% Fib retracement level of the last wave from the $79.50 low to $85.90 high.

Below this, the price may perhaps move towards the $80.00 support. Any further declines could push the price towards the last swing low of $79.50.

On the flip side, if the price moves higher, it is likely to face sellers near the $83.50 level and the 100 hourly SMA. There is also a connecting bearish trend line in place with resistance at $84.00 on the hourly chart of the LTC/USD pair.

Therefore, upsides in litecoin price may well face resistances near the $83.50-84.00 levels. Only a successful close above $84.00 and $85.00 could open the doors for more gains in the near term.

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: aayushjindal@ethereumworldnews.com
Sign up for our Newsletter