Litecoin price tested the $75.50 support area and recently rebounded above $82.00. However, LTC is facing a solid resistance near $84.00 and $86.00, above which there could be strong gains.

  • Litecoin price rebounded nicely after trading as low as $76.63.
  • LTC tested a major bearish trend line with current resistance at $83.90 on the 2-hours chart.
  • The price must clear the $83.90 and $86.00 resistance levels to start a fresh rise to $100.00.

Litecoin Price

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Litecoin Price Analysis (LTC to USD)

This past week, we saw a sharp downside correction in bitcoin, dragging altcoins such as Ethereum, ripple, litecoin, bitcoin cash and EOS lower. LTC price declined below the $86.00 support and traded close to the $75.00 level before starting a decent rebound.

Litecoin Price Analysis LTC Chart

Click to Enlarge Chart

Looking at the 2-hours chart of LTC/USD, the pair traded as low as $75.63 and later consolidated for a few hours. Finally, the price traded above the $80.00 resistance and the 25 simple moving average (2-hours).

There was a break above the 23.6% Fib retracement level of the last drop from the $99.04 high to $75.63 low. The price even climbed above the $84.00 level, but it struggled to clear the key $85.50-86.00 resistance (the previous support area).

Besides, the price failed near a major bearish trend line with current resistance at $83.90 on the same chart. There was also no test of the 50% Fib retracement level of the last drop from the $99.04 high to $75.63 low.

In the short term, the price might dip again towards the $80.00 support and the 25 simple moving average (2-hours).  However, declines are likely to be limited and the price could bounce back.

To the topside, a convincing break above the trend line and follow through above the key $85.50-86.00 resistance is needed for a fresh increase towards the $92.00 and $98.00 resistance levels.

Alternatively, if litecoin price fails to climb above $84.00, there are chances of a break below the $80.00 support. The main support is near $75.50, below which LTC price will most likely extend losses towards $68.00.

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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