Litecoin Price Analysis: LTC/USD is Showing Signs of Life

2018-8-2 07:00

Litecoin price traded further lower towards $75.00 against the US Dollar. LTC/USD is currently recovering and is showing positive signs above $77.00.

Key Talking Points

Litecoin price declined below yesterday’s low and traded close to $75.00 (Data feed of Kraken) against the US Dollar. Yesterday’s highlighted important bearish trend line was breached with resistance at $77.60 on the hourly chart of the LTC/USD pair. The pair may continue to rise higher towards the key resistance at $80.00 in the near term. Litecoin Price Forecast

Yesterday, there was a sharp downside move below $80.00 in litecoin price against the US dollar. The LTC/USD pair declined to $76.00, corrected higher, and later declined to a new low.

Looking at the chart, the price broke the last swing low near $76.20 and declined below $76.00. It traded close to the $75.00 level and a new low was formed at $75.55. Later, the price started an upside correction and moved above $77.00.

It also broke the 23.6% Fib retracement level of the last decline from the $84.56 high to $75.55 low. Moreover, yesterday’s highlighted important bearish trend line was breached with resistance at $77.60 on the hourly chart of the LTC/USD pair.

However, there are a few important hurdles on the upside near the $80.00 level. The stated barrier coincides with the 50% Fib retracement level of the last decline from the $84.56 high to $75.55 low.

More importantly, the $80.00 level was a support earlier, and now it could prevent gains. Above this, LTC price is likely to test the 100 hourly simple moving average, which is currently at $81.00.

On the downside, the $75.00 support area holds a lot of importance. As long as litecoin price is above $75.00, it could attempt to recover above the $80.00 level.

On the other hand, if LTC/USD fails to recover above the $80.00 level and breaks the $75.00 support, it could decline further towards the $70.00 level in the near term.

The market data is provided by TradingView.

The post Litecoin Price Analysis: LTC/USD is Showing Signs of Life appeared first on Ethereum World News.

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Litecoin (LTC) на Currencies.ru

$ 82.2 (-0.14%)
Объем 24H $388.261m
Изменеия 24h: 4.28 %, 7d: -0.14 %
Cегодня L: $81.93 - H: $82.78
Капитализация $6.127b Rank 19
Цена в час новости $ 77.22 (6.45%)

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