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Litecoin's price has dropped recently to $ 80.00 against the US dollar. LTC / USD is currently consolidating and is preparing for an upward move above $ 85.00.
Key Talking Points
· The price of Litecoin is faced with a crucial resistance close to $ 85.00 once again (Kraken Data Feeds) against the US dollar.
· There was a break above an important bearish trend line with resistance close to $ 83.50 on the hourly chart of the LTC / USD pair.
· The pair has to break the resistance of $ 85.00 and the SMA to 100 hours to gain momentum.
Litecoin Price Forecast
There was a downward correction in the litecoin price below $ 84.00 and $ 83.00 compared to the US dollar. The LTC / USD pair traded to the $ 81.50 level before buyers appeared.
Looking at the chart the price has shrunk to $ 81.38 and subsequently started an upward move. The price has moved above the Fib retracement level 23.6% from the last fall from $ 90.61 up to $ 81.38 down
More importantly, there was a break above an important bearish trend line with resistance close to $ 83.50 on the hourly chart of the LTC / USD pair. However, the upward move was limited by the previous support to $ 85.00.
In addition, the Fib retracement level of 38.2% of the last decline from $ 90.61 to $ 81.38 low and the simple 100-hour moving average also acted as key resistors. If there is a break and closes above the resistance of $ 85.00, there could be more gains in the short term.
The next resistance is close to the $ 87.00 level, above which the price will probably rise above the $ 88.00 level. The downside, if the price can not exceed $ 85.00 and the SMA at 100 hours, could retest support for $ 82.60.
Below the $ 82.60 support, the litecoin price could perhaps revisit the last minimum near $ 81.50. Overall, LTC / USD is trading in a positive zone as long as it is above $ 82.60 and $ 81.50. Below these, the price could move into a short-term downtrend towards $ 75.00.
Market data is provided by TradingView.
