Litecoin (LTC) Price Analysis: Dips Remain Attractive To The Bulls
Litecoin price climbed highertowards the $85.00 resistance and recently corrected lower against the USdollar. LTC is currently holding a key support and dips remain well supported above$76.50.
Key Talking Points
- Litecoin price started a downside correction aftertrading close to $84.00 (Data feed of Kraken) against the US Dollar.
- There is a major ascending channel in place withsupport at $80.00 on the hourly chart.
- LTC price remains well supported on the downsidenear the $80.0 and $78.00 levels.
Litecoin Price Analysis (LTC)
Recently, there was a decent comeback in bitcoin, Ethereum, EOS, litecoin and ripple against the US Dollar. The LTC/USD pair started a steady rise from the $75.00 support and climbed above the $80.00 and $82.00 resistance levels.
Looking at the chart, LTC price traded towards the $85.00 resistance and settled above the 100 hourly simple moving average. A swing high was formed near the $84.01 level and recently the price corrected lower.
It declined below the $82.00 level, but found support nearthe $80.00 level and the 100 hourly simple moving average. There is also a majorascending channel in place with support at $80.00 on the hourly chart.
The pair traded as low as $80.02 and it is currentlyconsolidating losses. An initial resistance is near the $82.00 level and the 50%Fib retracement level of the last decline from the $84.01 high to $80.02 low.
However, the main resistance is near the $82.50 level andthe 61.8% Fib retracement level of the last decline from the $84.01 high to $80.02low. A successful close above $82.00 and $82.50 is likely to open the doors formore gains above the $84.00 resistance level.
On the other hand, if there is a downside break below the$80.00 support and the 100 hourly SMA, the price could decline towards the$78.00 or $76.50 support level.
Overall, litecoin price remains well supported on the downsideabove $76.50 and LTC bulls are likely to regain control for a fresh increasetowards the $84.00 or $85.00 level in the near term.
The market data is provided by TradingView.
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