Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD’s Recovery Capped By $80

Litecoin Price Analysis LTC USD

Litecoin price started an upside correction from the $74.50 low against the US Dollar. However, recoveries in LTC/USD were capped by the $80.00 resistance.

Key Talking Points

  • Litecoin price moved a few points higher after forming a support near $75.00 (Data feed of Kraken) against the US Dollar.
  • Yesterday’s highlighted key bearish trend line is intact with resistance at $79.00 on the hourly chart of the LTC/USD pair.
  • The pair must break the $79.00 and $80.00 resistance levels to recover further in the near term.

Litecoin Price Forecast

After a major decline, litecoin price found support near the $75.00 level against the US dollar. The LTC/USD pair formed a low at $64.50 and later started an upward correction.

Looking at the chart, the price managed to move above the $78.00 resistance level. There was also a break above the 38.2% Fib retracement level of the last drop from the $86.03 high to $74.50 low.

Litecoin Price Analysis LTC USD

However, the upside move was capped by a key resistance near $80.00. More importantly, the 100 hourly simple moving average, which is currently at $79.95 also acted as a barrier for more gains.

Lastly, yesterday’s highlighted key bearish trend line is still active with resistance at $79.00 on the hourly chart of the LTC/USD pair. A break above the trend line resistance at $80.00 and the 50% Fib retracement level of the last drop from the $86.03 high to $74.50 low is needed for more gains.

The next hurdle above the $80.00 resistance is near the $82.00 level. On the flip side, if the price continues to struggle below the $80.00 resistance, it could move back down towards $76.00.

Below $76.00, there is a risk of an extended decline towards the $74.50 low. Any further decline in litecoin price depends on how buyers react if the price retest $65.00.

Overall, the LTC/USD pair is currently trading in a range and if buyers succeed in clearing $80.00, there could be a decent recovery towards the $82.00 and $83.00 levels.

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: [email protected]
Related posts
Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Bulls Facing Significant Resistance

Litecoin Price Analysis

Litecoin (LTC) Price Analysis: One Final Push Before Higher?

Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Dips Remain Attractive To The Bulls

Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Next Bullish Leg Underway