Litecoin Price Analysis: Can LTC Break $84 Resistance Level?
Litecoin is displaying positive signs as it finds support near the $75 level against the US Dollar. Currently trading below $85 and the 100 simple moving average (4 hours), LTC is facing a key resistance at $83.00.
Litecoin Price Aims Higher 🚀
Following a gradual decline, Litecoin found a strong support near $75.00, similar to other major cryptocurrencies such as Bitcoin and Ethereum. LTC initiated a recovery phase, surpassing the $78.00 and $80.00 levels.
- The 50% Fib retracement level of the recent downward trend from $88.49 to $74.59 was breached.
- Despite reaching above $82.00, the bears pushed back near the 100 SMA (4 hours).
A bearish trend line is visible with a barrier at $83.00 on the 4-hour LTC/USD chart. While trading below $85, Litecoin faces resistance at $83.00 and $84.00. A clear break above $84.00 might trigger a strong upward movement.
Are Dips Supported in LTC? 📉
If LTC fails to surpass the $84 resistance, a downside correction could be on the horizon with initial support at $80.00.
- The next major support lies near $77.80, followed by a potential drop to $75.00.
- Further losses may lead the price towards the $70.00 support level.
Key technical indicators suggest a bullish outlook:
- 4-hour MACD gaining momentum in the bullish region.
- 4-hour RSI for LTC/USD above the 65 level.
Notable price levels:
- Major Support Levels – $80.00 and $77.80.
- Major Resistance Levels – $83.00 and $84.00.
Source: LTCUSD on TradingView.com
Hot Take: Litecoin’s Path to $90 🔥
Litecoin’s current price movement suggests a potential break above the $84 resistance level, paving the way for further gains towards $88.50 and $90.00. However, failure to surpass $84 could lead to a downside correction with support levels at $80.00 and $77.80.
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