Litecoin price declined further and tested the $75.00 support again against the US Dollar. LTC/USD is currently recovering and trading near a key resistance.
Key Talking Points
Litecoin price retested the $75.00 support zone and bounced back (Data feed of Kraken) against the US Dollar.
This week’s followed a major bearish trend line is still active with resistance at $77.80 on the hourly chart of the LTC/USD pair.
The pair has to move above $78.00 resistance and the 100 hourly simple moving average to gain momentum.
Litecoin Price Forecast
There was a failed attempt to move above the $78.00 resistance by litecoin price against the US dollar. The LTC/USD pair declined once again and retested the $75.00 support.
Looking at the chart, the price tested the $75.00 support, which held losses once again. It is a positive sign and suggests that the $75.00 support holds a lot of importance.
The price is currently trading above the 38.2% Fib retracement level of the last decline from the $80.75 high to $74.28 low. However, there is a crucial hurdle forming for buyers near the $78.00 level.
More importantly, this week’s followed a major bearish trend line is still active with resistance at $77.80 on the hourly chart of the LTC/USD pair. The same trend line is positioned with the 100 hourly simple moving average at $78.00.
Finally, the 50% Fib retracement level of the last decline from the $80.75 high to $74.28 low is also acting as a resistance near $77.50. Therefore, a break above the $77.50-78.00 resistance zone is needed for more gains in the near term.
Above $78.00, there are high chances of an upside break above the $80.00 level. On the flip side, if the price fails to move above $78.00, it could decline back towards $75.00 and $74.50.
Overall, litecoin price is trading with a positive sign since there is likely a triple bottom pattern forming near $74.50. A push above $78.00 and $80.00 may well confirm the pattern.