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The price of Litecoin failed to recover and fell below $ 82.50 compared to the US dollar. LTC / USD must stay above the $ 80.00 support to avoid further slides.
Key Talking Points
- Litecoin's price lowered further and broke a key support for $ 82.50 (Kraken Data Feed) compared to the US dollar.
- is a key linking the downtrend line in place with resistance near $ 82.00 on the hourly chart of the LTC / USD pair.
- The pair is facing a couple of crucial resistances like $ 82.00, $ 82.50, $ 84.50 and $ 85.00.
Litecoin Price Forecast
There was no upward move in the litecoin price above the resistance level of $ 85.00 compared to the US dollar. The LTC / USD pair moved slowly and broke support levels of $ 83.00 and $ 82.50.
Looking at the chart, the price has declined and traded towards a crucial support at $ 80.00 and has stabilized below the 100-hour moving average. The price traded from $ 79.74 and then started an upward correction.
It has moved above the Fib retracement level 38.2% of the last decline from the $ 84.56 high to $ 79.74 Low. However, the upward move was limited by the previous support to $ 82.50. Also, there is a key linking the current bearish trend line with resistance near $ 82.00 on the hourly chart of the LTC / USD pair.
The trendline and the Fib 50% retracement level of the last decline from the $ 84.56 high to $ 79.74 also the downside represented a key obstacle. The price is currently under pressure and decreases towards the level of $ 81.00.
On the downside, the support zone of $ 80.00 is very important. A closing below this could speed up litecoin bursts to the $ 75.00 level.
On the other hand, the price must pass above the trend line and the resistance of $ 82.50 to start a recovery. The next resistance is at $ 83.50 and the SMA at 100 hours.
However, the most important resistance is close to the levels of $ 84.50 and $ 85.00. As long as the litecoin price is lower than these, it remains at risk of further decreases below $ 80.00.
Market data is provided by TradingView.
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