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.
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.
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