Litecoin price finally broke the $85.00 resistance and moved higher against the US Dollar. LTC/USD is correcting lower, but dips remain supported near $87.00 and $85.00.
Key Talking Points
- Litecoin price made a nice upside move and broke the $85.00 resistance (Data feed of Kraken) against the US Dollar.
- Yesterday’s highlighted key bearish trend line was breached with resistance at $84.60 on the hourly chart of the LTC/USD pair.
- The pair is now placed nicely in a bullish zone above the $85.00 support zone.
Litecoin Price Forecast
A decent support base was formed near the $81.00 level in litecoin price against the US dollar. The LTC/USD pair started and upward move and broke a few important resistances like $84.50 and $85.00.
Looking at the chart, the price gained traction and settled above the $85.00 resistance. The price even traded towards the $90.00 level and settled above the 100 hourly simple moving average.
A high was formed at $90.53 before the price started a downside correction. It has moved below the 23.6% Fib retracement level of the last wave from the $81.01 low to $90.53 high.
However, there are many supports on the downside like $87.00, waiting to hold declines. Below the mentioned $87.00 support, the next support is the 50% Fib retracement level of the last wave from the $81.01 low to $90.53 high at $85.77.
Below this, the previous resistance near $85.00 is likely to act as a strong support for buyers. Therefore, if the price corrects lower further, it may perhaps find support near $87.00 or $85.00.
On the upside, the $90.00 resistance area is a key hurdle. If litecoin price breaks the $90.00 barrier, it could open the doors for a push towards the $100.00 handle.
Overall, LTC price moved back in a bullish zone above the $85.00 level. However, a break above the $90.00 resistance is needed for buyers to take control and push the price towards the $95.00 and $100.00 levels.
The market data is provided by TradingView.
