Litecoin price found buyers near $75.00 and recovered a few points against the US Dollar. LTC/USD traded above $80.00, but it failed to gain traction.
Key Talking Points
- Litecoin price traded a few points higher, but it faced sellers above $80.00 (Data feed of Kraken) against the US Dollar.
- This week’s highlighted significant bearish trend line was breached with resistance at $77 on the hourly chart of the LTC/USD pair.
- The pair must gain momentum above $80 and $82 to avoid a bearish reaction back towards $75.
Litecoin Price Forecast
During the past two sessions, there were ranging move above the $75 level in litecoin price against the US dollar. The LTC/USD pair managed to recover a few points above the $78 and $80 levels, but upsides were capped.
Looking at the chart, the price managed to move above the $80 resistance and the 100 hourly simple moving average. More importantly, this week’s highlighted significant bearish trend line was breached with resistance at $77 on the hourly chart of the LTC/USD pair.
However, it could not overcome sellers above the $82 level. A high was formed at $81.88 before the price moved down once again. It cleared the 100 hourly SMA and the 23.6% Fib retracement level of the last wave from the $75.09 low to $81.88 high.
It seems like the mentioned break above the trend line and $80.00 failed since the price dropped back below $80.00. It is currently testing the 50% Fib retracement level of the last wave from the $75.09 low to $81.88 high.
Should there be more declines below the $78.00 support level, the price may perhaps move back to test the last swing low of $75.00. On the flip side, the price must break and settle above the $80-82 resistance zone to gain traction.
Above $82, the next major barrier for buyers is near $93. In short, the current market sentiment for litecoin price is stable as long as the price is above $75.00.
The market data is provided by TradingView.