Litecoin price started a decent recovery after tagging the $68.00 level. LTC is currently trading near $76.00 and it could accelerate higher towards $80.00 or even $85.00.
- Litecoin price traded to a new monthly low near $68.80 and recently corrected higher.
- LTC broke a major bearish trend line with resistance at $73.30 on the 2-hours chart.
- The price is likely to climb higher sharply towards the $80.00 resistance area.
Litecoin Price Analysis (LTC to USD)
This past week, there were sharp downsides in bitcoin, Ethereum, bitcoin cash, cardano and EOS. Litecoin price also extended losses and traded below the $76.00 and $74.00 support levels. The price even broke the $70.00 level and traded as low as $68.81.
Click to Enlarge Chart
Looking at the 2-hours chart of LTC/USD, the pair started a convincing upward move from the $68.81 swing low. It broke the $72.50 resistance and settled above the 25 simple moving average (2-hours).
Besides, there was a break above the 76.4% Fib retracement level of the last decline from the $76.04 high to $68.81 low. More importantly, the price broke a major bearish trend line with resistance at $73.30 on the same chart.
It opened the doors for more gains and the price is currently testing the $76.00 resistance. The current price action is very positive and it seems like the bulls may succeed in clearing the $76.00 and $76.50 resistance levels.
The next stop for the bulls could be $80.00 or the 1.236 Fib extension level of the last decline from the $76.04 high to $68.81 low. If the price settles with a positive bias above $76.00 and $78.00, there are chances of an extended upside towards the $85.00 resistance level.
On the other hand, if there is no close above $76.0, the price could trim gains and decline back towards the $72.50 support and the 25 simple moving average (2-hours).
Overall, litecoin seems is currently trading with a positive price action and it seems like LTC could stage a strong comeback above the key $80.00 resistance in the near term.
The market data is provided by TradingView, Bitfinex.