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Litecoin's price tested significant support close to $ 72.50 against the US dollar. LTC / USD is currently recovering, but is facing many hurdles close to $ 77.00 and $ 80.00.
Key Talking Points
- Litecoin's price is slowly recovering after testing the $ 72.50 support area (Kraken data feed) against the US dollar [19659004] C & # 39; is a key bearish trend line in place with resistance at $ 77.00 on the hourly chart of the LTC / USD pair.
- The pair must exceed $ 77.00 and the simple moving average at 100 hours to gain momentum.
Litecoin Price Forecast
There were other declines recorded in the litecoin price below the $ 77.00 level against the US dollar. The LTC / USD fell below the $ 75.00 support area and tested the next key support for $ 72.50.
Looking at the chart, the LTC price found offers close to $ 72.40-50 and started an upward correction. It surpassed the resistance of $ 74.50 and also broke the 50% fiber retracement level of the last decline from $ 78.04 upwards to $ 72.14 below.
The price was also traded above $ 76.00 level and the simple 100 hour moving average. However, the upward move was limited by the $ 76.65 level and the Fib retracement level 76.4% from the last decline from $ 78.04 up to $ 72.14 low.
There is also a bearish trend line in place with resistance at $ 77.00 on the hourly value of the LTC / USD pair. Therefore, there seems to be a greater barrier formed near the $ 76.65-77.00 zone.
Above $ 77.00, the next major resistance for litecoin buyers is close to the last assistance at $ 80.00. Hence, a correct closing above the resistances of $ 77.00 and $ 80.00 is necessary for further gains in the short term.
On the other hand, if the price decreases again, the $ 74.50 level is an initial support. Below this, the price could perhaps retest the $ 72.50 support area.
Overall, the litecoin price is showing some positive signs, but it must exceed the $ 77.00 level to stay in the bullish zone in the short term.
Market data is provided by TradingView.
