Litecoin price corrected lower and retested the main $75.00 support area. LTC is likely setting up for a strong upward move above the $80.00 and $85.00 resistance levels.

  • Litecoin price traded as low as $74.11 and recently rebounded above $76.00.
  • LTC is currently trading inside a major contracting triangle with resistance at $79.80 on the 2-hours chart.
  • The price could accelerate higher once there is a clear break above the $80.00 resistance.

Litecoin Price

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Litecoin Price Analysis (LTC to USD)

Today, there was a strong rise in bitcoin, Ethereum, bitcoin cash, cardano and EOS. Litecoin price also climbed higher recently above the $78.00 level and it seems like LTC bulls are likely to gain momentum in the near term.

Litecoin Price Analysis LTC Chart

Click to Enlarge Chart

Looking at the 2-hours chart of LTC/USD, the pair spiked below the $75.00 level and traded as low as $74.11. However, the $75.00 support area was intact since the price jumped back above $76.00 and the 25 simple moving average (2-hours).

There was a break above the 23.6% Fib retracement level of the last decline from the $85.31 high to $74.11 low. The price even climbed above the $79.00 level, but it struggled to gain pace above the $80.00 resistance.

Besides, the 50% Fib retracement level of the last decline from the $85.31 high to $74.11 low also acted as a solid resistance. At the outset, the price trading inside a major contracting triangle with resistance at $79.80 on the same chart.

If litecoin price clears the triangle and the $80.00 resistance, it could extend gains towards the next major resistance near $85.00-86.00. If the bulls remain in action above $86.00, the price could accelerate towards the $90.00 level.

On the other hand, if there is a fresh decline below $76.00, the price might struggle to stay above the $75.00 support level. The next support crucial support below $75.00 is near the $72.20 level.

To sum up, litecoin seems to be forming a strong base above $74.20 and LTC is likely to break the $80.00 resistance to trade towards $85.00 or even $88.00 in the near term.

The market data is provided by TradingView, Bitfinex.

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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.

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