Litecoin Price Analysis: LTC/USD is Eyeing Upside Break
Litecoin price remained well supported above the $80.00 level against the US Dollar. LTC/USD is currently eyeing an upside break above $84.50-85.00 for more gains.
Key Talking Points
Litecoin price is trading in a bullish zone well above the $80.00 level (Data feed of Kraken) against the US Dollar.
There is a new connecting bearish trend line in place with resistance at $84.70 on the hourly chart of the LTC/USD pair.
The pair is about to make an attempt to surpass the $84.50, $84.70 and $85.50 resistances.
Litecoin Price Forecast
Yesterday, there was an attempt to settle above $85.00 by litecoin price against the US dollar. The LTC/USD pair failed to hold gains and declined back towards the $80.00 support.
Looking at the chart, the price traded as low as $80.87 before buyers appeared. The price bounced back and moved above the 50% Fib retracement level of the last drop from the $85.09 high to $80.87 low.
There was also a close above the $82.00 level and the 100 hourly simple moving average. However, there is a major resistance waiting on the upside near the $84.50 and $85.00 levels.
More importantly, there is a new connecting bearish trend line in place with resistance at $84.70 on the hourly chart of the LTC/USD pair. The same trend line is near the 76.4% Fib retracement level of the last drop from the $85.09 high to $80.87 low.
Therefore, a close above the $84.70 and $85.00 resistance levels is likely to clear the path for more gains in the near term. The next resistance to the topside is near the $89.00 and $90.00 levels.
On the flip side, if the price fails to move above the $85.00 resistance, it could retest the $82.00 support. Below this, the $80.00 level is a crucial support.
Overall, litecoin price is placed nicely above the $80.00 support, and it may perhaps make an attempt to break the $84.50, $84.70 and $85.50 resistance levels.