Litecoin price declined recently and retested the main $76.00 support zone. LTC could extend losses towards the $73.00 level before it starts a fresh increase.

  • Litecoin price failed to stay above the $80.00 level and declined recently.
  • LTC is following a key bearish trend line with resistance at $79.20 on the 2-hours chart.
  • The price is likely to find support near $76.00, $75.00 or $73.00 in the short term.

Litecoin Price

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Litecoin Price Analysis (LTC to USD)

Earlier this week, there were strong gains in bitcoin, Ethereum, bitcoin cash, and Litecoin. LTC price traded above the $80.00 and $82.00 levels. A swing high was formed near $82.93 before the price declined below $80.00.

Litecoin Price Analysis LTC Chart

Click to Enlarge Chart

Looking at the 2-hours chart of LTC/USD, the pair failed to stay above the $80.00 level and declined below the 25 simple moving average (2-hours). The decline was such that the price even spiked below the $76.00 support zone.

A swing low was formed at $74.34 and recently the price recovered above $76.00 plus the 23.6% Fib retracement level of the last decline from the $82.93 high to $74.33 low.

However, there are many hurdles on the upside near the $78.50 and $80.00 levels. The first hurdle is near $78.50 and the 25 simple moving average (2-hours). It also coincides with the 50% Fib retracement level of the last decline from the $82.93 high to $74.33 low.

The next hurdle is near $80.00 and a key bearish trend line with resistance at $79.20 on the same chart. Therefore, a successful close above the 25 simple moving average (2-hours), the bearish trend line, and the $80.00 barrier is needed for a fresh increase above $82.00 and $85.00.

On the other hand, if litecoin price fails to move above the $80.00 resistance, there could be another push below the $76.00 support area.

The next key support is near $73.00, where LTC bulls are likely to take a stand. If they fail to stop losses, there could be a downside extension towards the main $70.00 support 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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