Litecoin price seems to be consolidating above the $76.00 support area. LTC must break the $82.00 and $86.00 resistance levels to revisit the $98.00 and $100.00 resistance levels.
- Litecoin price traded to a new weekly low at $74.93 and recently rebounded above $78.00.
- LTC failed near a crucial bearish trend line with current resistance at $81.90 on the 2-hours chart.
- The price needs to settle above the trend line and $82.00 to start a fresh increase in the near term.
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Litecoin Price Analysis (LTC to USD)
This week, we saw a downside extension in bitcoin, Ethereum, ripple, litecoin, bitcoin cash and EOS. LTC price dipped below the $76.00 and $75.00 support levels to trade to a new weekly low at $74.93 before starting a fresh rebound.
Click to Enlarge Chart
Looking at the 2-hours chart of LTC/USD, the pair found support near $75.00 and recently corrected above the $76.00 and $78.00 resistance levels. There was even a break above the $80.00 resistance and the 25 simple moving average (2-hours).
However, the upward move was capped by the $82.00-82.40 area. More importantly, the price failed near a crucial bearish trend line with current resistance at $81.90 on the same chart.
A swing high was formed at $82.33 and the price declined below the 23.6% Fib retracement level of the last wave from the $74.93 low to $82.33 high. The price is currently near the $79.30 level and the 25 simple moving average (2-hours).
An immediate support is $78.50 and the 50% Fib retracement level of the last wave from the $74.93 low to $82.33 high. If there are more losses, the price could spike towards the $76.00 support area once again.
On the upside, a break above the trend line and the $82.00 resistance is must to start a decent upward move. The next major resistance is near the $86.00 level, above which litecoin is likely to accelerate gains above the $90.00 resistance area.
Overall, as long as litecoin price is above the $75.00-76.00 support area, it could soon break the $82.00 barrier and climb higher. If not, there is a risk of a sharp drop in LTC towards the $70.00 level.
The market data is provided by TradingView, Bitfinex.
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