EagleFX

Litecoin price seems to be consolidating above the $76.00 support area. LTC must break the $82.00 and $86.00 resistance levels to revisit the $98.00 and $100.00 resistance levels.

  • Litecoin price traded to a new weekly low at $74.93 and recently rebounded above $78.00.
  • LTC failed near a crucial bearish trend line with current resistance at $81.90 on the 2-hours chart.
  • The price needs to settle above the trend line and $82.00 to start a fresh increase in the near term.

Litecoin Price

Read: Guide to the Top Brokers

Litecoin Price Analysis (LTC to USD)

This week, we saw a downside extension in bitcoin, Ethereum, ripple, litecoin, bitcoin cash and EOS. LTC price dipped below the $76.00 and $75.00 support levels to trade to a new weekly low at $74.93 before starting a fresh rebound.

Litecoin Price Analysis LTC Chart

Click to Enlarge Chart

Looking at the 2-hours chart of LTC/USD, the pair found support near $75.00 and recently corrected above the $76.00 and $78.00 resistance levels. There was even a break above the $80.00 resistance and the 25 simple moving average (2-hours).

However, the upward move was capped by the $82.00-82.40 area. More importantly, the price failed near a crucial bearish trend line with current resistance at $81.90 on the same chart.


Cryptorocket

A swing high was formed at $82.33 and the price declined below the 23.6% Fib retracement level of the last wave from the $74.93 low to $82.33 high. The price is currently near the $79.30 level and the 25 simple moving average (2-hours).

An immediate support is $78.50 and the 50% Fib retracement level of the last wave from the $74.93 low to $82.33 high. If there are more losses, the price could spike towards the $76.00 support area once again.

On the upside, a break above the trend line and the $82.00 resistance is must to start a decent upward move. The next major resistance is near the $86.00 level, above which litecoin is likely to accelerate gains above the $90.00 resistance area.

Overall, as long as litecoin price is above the $75.00-76.00 support area, it could soon break the $82.00 barrier and climb higher. If not, there is a risk of a sharp drop in LTC towards the $70.00 level.

The market data is provided by TradingView, Bitfinex.


Buy Crypto    Trade Crypto
eToro Risk Warning: 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Avatar

Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


All content on Blockonomi.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate.

One Comment

  1. Avatar

    Looks like it might be late, but there is always hope, you can be in on something big at the start.

    Reply

Leave a reply

Your email address will not be published. Required fields are marked *