Litecoin price revisited the $99.00-100.00 resistance area recently before correcting lower. LTC is trading nicely above the key $82.00 support it is likely to bounce back versus USD and bitcoin.
- Litecoin price retreated once again after testing the $99.00-100.00 resistance area.
- LTC is currently following a declining channel with resistance at $91.20 on the 2-hours chart.
- The price could retest the $84.00 or $82.00 support before a fresh rise towards $100.00.
Litecoin Price Analysis (LTC to USD)
This week, there were mostly corrective moves in bitcoin, Ethereum, ripple, litecoin, bitcoin cash and EOS. Earlier, LTC price revisited the all-important $99.00-100.00 resistance area, where sellers emerged and protected an upside break.
Click to Enlarge Chart
Looking at the 2-hours chart of LTC/USD, the pair rallied significantly after it broke the $60.00 resistance area. It even traded past the $80.00 resistance area (as discussed in the last litecoin price analysis).
There were sharp gains above the $80.00 level and the 25 simple moving average (2-hours). The price even traded close to the all-important $99.00-100.00 resistance area. Later, there was a downside correction to $78.00 before the price bounced back towards the $99.00 level.
The last swing high was formed at $98.90 before the price started a downside correction. It moved below the $92.00 level and the 50% Fib retracement level of the recent upside from the $78.32 low to $98.90 high.
However, the $84.00 support and the 61.8% Fib retracement level of the recent upside from the $78.32 low to $98.90 high acted as a strong support. At the outset, the price is following a declining channel with resistance at $91.20 on the same chart.
An upside break above the channel and the $92.00 level may open the doors for a fresh increase towards the $100.00 resistance, above which litecoin price could climb towards the $115.00 level.
Alternatively, LTC could decline further towards the $84.00 or even $82.00 support area in the short term before resuming its upside. Litecoin must stay above the $82.00 level to avoid a risk of a downside break towards the $75.00 level.
The market data is provided by TradingView, Bitfinex.