Litecoin price is recovering higher in the $75.00 area against the US dollar. If LTC breaks out of the $84.00 resistance area, it may continue to rise.
- Litecoin is showing positive signs at the $75 support zone against the US dollar.
- The price is currently trading below $85 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the LTC/USD pair (data feed from Kraken), there is a major bearish trend line forming at resistance $83.00.
- A breakout of the $83-$84 resistance area could see the price gain bullish momentum.
Litecoin Price Aims Higher
After a steady decline, Litecoin found support near the $75.00 resistance area, the same as Bitcoin and Ethereum. LTC price began a recovery above the $78.00 and $80.00 resistance levels.
The 50% Fib retracement level of the downward move from the $88.49 swing high to the $74.59 low has also been removed. Bulls even pushed the price above $82.00, but bears remained active near the 100 simple moving average (4-hours).
There is also a major bearish trendline forming resistance at $83.00 on the 4-hours chart of the LTC/USD pair. Litecoin is currently trading below $85 and the 100 simple moving average (4-hours).
On the upside, immediate resistance is near the $83.00 area or the 61.8% Fib retracement level of the downside move from the $88.49 swing high to the $74.59 low. The next major resistance is near the $84 level. If there is a clear break above the $84 resistance, the price could begin a strong rise once again.
Source: TradingView.com LTCUSD
As stated, the price is likely to continue higher towards the $88.50 and $90.00 levels. If more gains occur, the price of LTC may head towards the $95.00 resistance area.
Are dips supported in LTC?
There could be a downward correction if Litecoin price fails to clear the $84 resistance level. Initial support for the downside is near the $80.00 level.
The next major support is forming near the $77.80 level, below which there is a risk of a move towards the $75.00 support. Additional losses could lead the price towards the $70.00 support level.
Technical indicators:
4-Hour MACD – MACD is now pacing in bullish territory.
4-Hour RSI (Relative Strength Index) – The RSI for LTC/USD is above the 65 level.
Key support levels – $80.00 followed by $77.80.
Key resistance levels – $83.00 and $84.00.
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