Litecoin price corrected lower and retested the main $75.00 support area. LTC is likely setting up for a strong upward move above the $80.00 and $85.00 resistance levels.
- Litecoin price traded as low as $74.11 and recently rebounded above $76.00.
- LTC is currently trading inside a major contracting triangle with resistance at $79.80 on the 2-hours chart.
- The price could accelerate higher once there is a clear break above the $80.00 resistance.
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Litecoin Price Analysis (LTC to USD)
Today, there was a strong rise in bitcoin, Ethereum, bitcoin cash, cardano and EOS. Litecoin price also climbed higher recently above the $78.00 level and it seems like LTC bulls are likely to gain momentum in the near term.
Click to Enlarge Chart
Looking at the 2-hours chart of LTC/USD, the pair spiked below the $75.00 level and traded as low as $74.11. However, the $75.00 support area was intact since the price jumped back above $76.00 and the 25 simple moving average (2-hours).
There was a break above the 23.6% Fib retracement level of the last decline from the $85.31 high to $74.11 low. The price even climbed above the $79.00 level, but it struggled to gain pace above the $80.00 resistance.
Besides, the 50% Fib retracement level of the last decline from the $85.31 high to $74.11 low also acted as a solid resistance. At the outset, the price trading inside a major contracting triangle with resistance at $79.80 on the same chart.
If litecoin price clears the triangle and the $80.00 resistance, it could extend gains towards the next major resistance near $85.00-86.00. If the bulls remain in action above $86.00, the price could accelerate towards the $90.00 level.
On the other hand, if there is a fresh decline below $76.00, the price might struggle to stay above the $75.00 support level. The next support crucial support below $75.00 is near the $72.20 level.
To sum up, litecoin seems to be forming a strong base above $74.20 and LTC is likely to break the $80.00 resistance to trade towards $85.00 or even $88.00 in the near term.
The market data is provided by TradingView, Bitfinex.
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