Litecoin price tested an important support near $72.50 against the US Dollar. LTC/USD is currently recovering, but it is facing many hurdles near $77.00 and $80.00.
Key Talking Points
- Litecoin price is slowly recovering after testing the $72.50 support area (Data feed of Kraken) against the US Dollar.
- There is a key bearish trend line in place with resistance at $77.00 on the hourly chart of the LTC/USD pair.
- The pair has to move past $77.00 and the 100 hourly simple moving average to gain momentum.
Litecoin Price Forecast
There were more declines noted in litecoin price below the $77.00 level against the US dollar. The LTC/USD pair declined below the $75.00 support area and tested the next key support at $72.50.
Looking at the chart, LTC price found bids near $72.40-50 and started an upward correction. It moved above $74.50 resistance and also broke the 50% Fib retracement level of the last decline from the $78.04 high to $72.14 low.
The price also traded above the $76.00 level and the 100 hourly simple moving average. However, the upside move was capped by the $76.65 level and the 76.4% Fib retracement level of the last decline from the $78.04 high to $72.14 low.
There is also a key bearish trend line in place with resistance at $77.00 on the hourly chart of the LTC/USD pair. Therefore, it seems like there is a major barrier formed near the $76.65-77.00 zone.
Above $77.00, the next important resistance for litecoin buyers is near the last support at $80.00. Thus, a proper close above the $77.00 and $80.00 resistances is needed for more gains in the near term.
On the flip side, if the price declines once again, the $74.50 level is an initial support. Below this, the price may perhaps retest the $72.50 support area.
Overall, litecoin price is showing a few positive signs, but it has to move past the $77.00 level to stay in the bullish zone in the near term.
The market data is provided by TradingView.
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