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Litecoin (LTC) Price Setting Up For Crucial Bullish Break?

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  • Litecoin price is trading nicely above the $75.00 and $75.20 support levels against the US Dollar.
  • LTC price recovered above $80.00 and tested the $84.50 resistance area recently.
  • There is a crucial bearish trend line in place with resistance at $82.50 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair is likely to smash the $82.50 resistance area and rally above the $84.50 resistance.

Litecoin price is positioned nicely above key supports against the US Dollar and bitcoin. LTC could start a strong upward move if it clears the $82.50 and $84.50 resistance levels.

Litecoin Price Analysis

In the past few days, there were swing moves below $84.50 and $85.00 in litecoin price against the US Dollar. The LTC/USD pair declined below the $80.00 level, but the $75.00 and $75.20 support levels prevented additional losses. Sellers made many attempts to push the price below the $75.00 support, but they failed. Recently, the price rebounded above the $79.00 level and the 23.6% Fib retracement level of the last drop from the $91.93 high to $75.27 low.

However, the upward move was capped by the $84.50 resistance and the 55 simple moving average (4-hours). The price also failed near the 50% Fib retracement level of the last drop from the $91.93 high to $75.27 low. Recently, there were positive moves in bitcoin, Ethereum, ripple, EOS, ADA, TRX and other cryptocurrencies. Therefore, there are chances of an upside break in litecoin above the $82.50 resistance. There is also a crucial bearish trend line in place with resistance at $82.50 on the 4-hours chart of the LTC/USD pair.

A clear break above the trend line will most likely set the pace for more gains above $84.00 and $84.50. The next major resistance is near $88.00 and the 76.4% Fib retracement level of the last drop from the $91.93 high to $75.27 low. Above $88.00, the price is likely to accelerate above $91.50 and $94.00 in the coming days.

Litecoin Price Analysis LTC Chart

Looking at the chart, litecoin price seems to be preparing for the next upside break above $82.50 and $84.50. If buyers fail to gain pace above $82.50, there is a risk of a fresh drop to $75.20. Any further losses may trigger an extended correction towards the $71.00 level. On the upside, buyers are likely to take control if there is a close above the $84.50 resistance level.

Technical indicators

4 hours MACD – The MACD for LTC/USD is slowly gaining pace in the bullish zone, with a negative bias.

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now placed nicely above the 50 level.

Key Support Levels – $77.50 and $75.20.

Key Resistance Levels – $82.50 and $84.50.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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