Litecoin price revisited the $99.00-100.00 resistance area recently before correcting lower. LTC is trading nicely above the key $82.00 support it is likely to bounce back versus USD and bitcoin.
- Litecoin price retreated once again after testing the $99.00-100.00 resistance area.
- LTC is currently following a declining channel with resistance at $91.20 on the 2-hours chart.
- The price could retest the $84.00 or $82.00 support before a fresh rise towards $100.00.
Read: Trade Litecoin at Plus500
Litecoin Price Analysis (LTC to USD)
This week, there were mostly corrective moves in bitcoin, Ethereum, ripple, litecoin, bitcoin cash and EOS. Earlier, LTC price revisited the all-important $99.00-100.00 resistance area, where sellers emerged and protected an upside break.
Click to Enlarge Chart
Looking at the 2-hours chart of LTC/USD, the pair rallied significantly after it broke the $60.00 resistance area. It even traded past the $80.00 resistance area (as discussed in the last litecoin price analysis).
There were sharp gains above the $80.00 level and the 25 simple moving average (2-hours). The price even traded close to the all-important $99.00-100.00 resistance area. Later, there was a downside correction to $78.00 before the price bounced back towards the $99.00 level.
The last swing high was formed at $98.90 before the price started a downside correction. It moved below the $92.00 level and the 50% Fib retracement level of the recent upside from the $78.32 low to $98.90 high.
However, the $84.00 support and the 61.8% Fib retracement level of the recent upside from the $78.32 low to $98.90 high acted as a strong support. At the outset, the price is following a declining channel with resistance at $91.20 on the same chart.
An upside break above the channel and the $92.00 level may open the doors for a fresh increase towards the $100.00 resistance, above which litecoin price could climb towards the $115.00 level.
Alternatively, LTC could decline further towards the $84.00 or even $82.00 support area in the short term before resuming its upside. Litecoin must stay above the $82.00 level to avoid a risk of a downside break towards the $75.00 level.
The market data is provided by TradingView, Bitfinex.
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