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.
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.
