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Litecoin's price returned a crucial support of $ 72.50 against the US dollar. LTC / USD could move higher as long as it exceeds the support of $ 72.50
Key Talking Points
- Litecoin's price declined again and tested the $ 72.50 support (data feed of Kraken) compared to the US dollar.
- highlighted the main bearish trend line is intact with resistance to $ 76.00 on the hourly chart of the LTC / USD pair.
- The pair could correct higher, but it will not be easy for buyers to break the obstacles $ 75.00 and $ 76.00. [19659006] Litecoin Pricing
A rejection of the resistance of $ 77.00 in the litecoin price with respect to the US dollar has been noted. The LTC / USD pair fell, broke support at $ 74.50 and repeated significant support for $ 72.50.
Looking at the chart, the LTC price contained the $ 72.30-50 support area and the losses were low. Subsequently, the price began to consolidate and moved above the Fib retracement level to 23.6% of the recent slide from $ 76.81 to $ 72.30 low.
If the price moves above the $ 74.00 level, it is likely that sellers close to the $ 74.50 level. It coincides with the 50% fiber retracement level of the recent slide from $ 76.81 to $ 72.30 low.
Above $ 74.50, the 100-hour moving average is close to the $ 74.80 level, which is the next major resistance. Finally, the main downtrend line highlighted yesterday is intact with resistance to $ 76.00 on the hourly chart of the LTC / USD pair.
Therefore, if the price corrects higher, it is likely to make a lot of resistance near the $ 74.50 and $ 76.00 levels. A positive closing above $ 76.00 and $ 77.00 could perhaps open the door to a broader recovery in the short term.
On the other hand, the $ 72.30-30 support area holds the key to the next move in LTC / USD. As long as the pair is over $ 72.30, it could make a move upwards.
To sum up, the litecoin price must remain above the $ 72.30-50 support. Otherwise, there is a risk of a downward trend towards $ 70.00.
Market data is provided by TradingView.
