Litecoin price declined recently and retested the main $76.00 support zone. LTC could extend losses towards the $73.00 level before it starts a fresh increase.
- Litecoin price failed to stay above the $80.00 level and declined recently.
- LTC is following a key bearish trend line with resistance at $79.20 on the 2-hours chart.
- The price is likely to find support near $76.00, $75.00 or $73.00 in the short term.
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Litecoin Price Analysis (LTC to USD)
Earlier this week, there were strong gains in bitcoin, Ethereum, bitcoin cash, and Litecoin. LTC price traded above the $80.00 and $82.00 levels. A swing high was formed near $82.93 before the price declined below $80.00.
Click to Enlarge Chart
Looking at the 2-hours chart of LTC/USD, the pair failed to stay above the $80.00 level and declined below the 25 simple moving average (2-hours). The decline was such that the price even spiked below the $76.00 support zone.
A swing low was formed at $74.34 and recently the price recovered above $76.00 plus the 23.6% Fib retracement level of the last decline from the $82.93 high to $74.33 low.
However, there are many hurdles on the upside near the $78.50 and $80.00 levels. The first hurdle is near $78.50 and the 25 simple moving average (2-hours). It also coincides with the 50% Fib retracement level of the last decline from the $82.93 high to $74.33 low.
The next hurdle is near $80.00 and a key bearish trend line with resistance at $79.20 on the same chart. Therefore, a successful close above the 25 simple moving average (2-hours), the bearish trend line, and the $80.00 barrier is needed for a fresh increase above $82.00 and $85.00.
On the other hand, if litecoin price fails to move above the $80.00 resistance, there could be another push below the $76.00 support area.
The next key support is near $73.00, where LTC bulls are likely to take a stand. If they fail to stop losses, there could be a downside extension towards the main $70.00 support in the near term.
The market data is provided by TradingView, Bitfinex.
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