The price of Litecoin lowered further towards $ 75.00 compared to the US dollar. LTC / USD is currently recovering and shows positive signs above $ 77.00.
Key Talking Points
- Litecoin's price fell below yesterday's low and closed near $ 75.00 (Kraken Data Feed) against the US dollar.
- important bearish trend line was exceeded with resistance at $ 77.60 on the hourly chart of the LTC / USD pair.
- The pair could continue to rise higher towards the key resistance at $ 80.00 in the near term.
Litecoin Price Forecast  Yesterday, there was a sharp downward movement below $ 80.00 in the litecoin price compared to the US dollar. The LTC / USD pair decreased to $ 76.00, was corrected higher and subsequently fell to a new low.
Looking at the chart, the price hit the last low near $ 76.20 and dropped below $ 76.00. It traded near the $ 75.00 level and a new low amounted to $ 75.55. Subsequently, the price started an upward correction and moved above $ 77.00.
Also broke the Fib retracement level 23.6% from the last decline from $ 84.56 high to $ 75.55 low. Furthermore, the important downtrend line highlighted yesterday was surpassed with resistance at $ 77.60 on the hourly chart of the LTC / USD pair.
However, there are some major upside obstacles near the $ 80.00 level. The declared barrier coincides with the 50% fiber retracement level of the last decline from $ 84.56 down to $ 75.55 below.
More importantly, the $ 80.00 level was a support previously, and now it could prevent gains. Above this, the LTC price is likely to test the simple 100-hour moving average, which is currently $ 81.00.
On the downside, the $ 75.00 support area is very important. As long as the litecoin price is higher than $ 75.00, it may attempt to recover above the $ 80.00 level.
On the other hand, if LTC / USD fails to recover above the $ 80.00 level and breaks the support by $ 75.00, it could fall further towards the $ 70.00 level in the near term.
Market data is provided by TradingView.