Litecoin price tested the $75.50 support area and recently rebounded above $82.00. However, LTC is facing a solid resistance near $84.00 and $86.00, above which there could be strong gains.
- Litecoin price rebounded nicely after trading as low as $76.63.
- LTC tested a major bearish trend line with current resistance at $83.90 on the 2-hours chart.
- The price must clear the $83.90 and $86.00 resistance levels to start a fresh rise to $100.00.
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Litecoin Price Analysis (LTC to USD)
This past week, we saw a sharp downside correction in bitcoin, dragging altcoins such as Ethereum, ripple, litecoin, bitcoin cash and EOS lower. LTC price declined below the $86.00 support and traded close to the $75.00 level before starting a decent rebound.
Click to Enlarge Chart
Looking at the 2-hours chart of LTC/USD, the pair traded as low as $75.63 and later consolidated for a few hours. Finally, the price traded above the $80.00 resistance and the 25 simple moving average (2-hours).
There was a break above the 23.6% Fib retracement level of the last drop from the $99.04 high to $75.63 low. The price even climbed above the $84.00 level, but it struggled to clear the key $85.50-86.00 resistance (the previous support area).
Besides, the price failed near a major bearish trend line with current resistance at $83.90 on the same chart. There was also no test of the 50% Fib retracement level of the last drop from the $99.04 high to $75.63 low.
In the short term, the price might dip again towards the $80.00 support and the 25 simple moving average (2-hours). However, declines are likely to be limited and the price could bounce back.
To the topside, a convincing break above the trend line and follow through above the key $85.50-86.00 resistance is needed for a fresh increase towards the $92.00 and $98.00 resistance levels.
Alternatively, if litecoin price fails to climb above $84.00, there are chances of a break below the $80.00 support. The main support is near $75.50, below which LTC price will most likely extend losses towards $68.00.
The market data is provided by TradingView, Bitfinex.
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