Litecoin Price Analysis: Can LTC/USD Recover Further?

2018-7-16 07:54

Litecoin price formed a decent support at $74.50 and recovered against the US Dollar. LTC/USD must clear the $80.00 resistance to recover further in the near term.

Key Talking Points

Litecoin price managed to move higher above the $78.00 level (Data feed of Kraken) against the US Dollar. There was a break above a key connecting bearish trend line with resistance near $77.00 on the hourly chart of the LTC/USD pair. The pair is still below the $80.00 resistance zone, which is a crucial barrier for more gains. Litecoin Price Forecast

This past week, there was a solid support base formed near the $74.50 low in litecoin price against the US dollar. The LTC/USD pair slowly started an upward move and traded above the $77.00 resistance.

Looking at the chart, the price broke a few tiny hurdles near $66.80 and the 100 hourly simple moving average to move into a bullish zone. More importantly, there was a break above a key connecting bearish trend line with resistance near $77.00.

It opened the doors for more gains and the price moved above the $79.00 level. However, litecoin buyers failed to gain momentum and the price did not test the $80.00 resistance zone.

A high was formed at $79.38 before the price started a downward correction. It declined below the 23.6% Fib retracement level of the last wave from the $75.34 low to $79.38 high.

However, there are a few key supports near the $77.00 level. An initial support is the 50% Fib retracement level of the last wave from the $75.34 low to $79.38 high at $77.36.

Below this, the price could test the previous resistance (now support) at $77.00 and the 100 hourly simple moving average. Should there be more declines, the price could revisit the $75.00 support area.

On the upside, litecoin price must clear the $80.00 resistance to set the pace for more gains. The current price action is positive as long as LTC is above $77.00.

The market data is provided by TradingView.

The post Litecoin Price Analysis: Can LTC/USD Recover Further? appeared first on Ethereum World News.

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Litecoin (LTC) на Currencies.ru

$ 83.91 (-0.14%)
Объем 24H $320.544m
Изменеия 24h: 2.13 %, 7d: 4.38 %
Cегодня L: $83.7 - H: $84.33
Капитализация $6.255b Rank 19
Цена в час новости $ 79.0679 (6.12%)

litecoin price further usd recover ltc dollar

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