Litecoin price is bouncing up from the $75.00 zone against the US dollar. LTC may continue to rise if it breaks the resistance zone at $84.00.
- Litecoin is showing positive signals from the $75 support zone against the US dollar.
- The price is currently trading below $85 and the 100 elementary moving average (4 hours).
- A key bearish trend line is forming on the 4-hour chart of the LTC/USD pair with resistance at $83.00 (data from Kraken).
- The price may gain bullish momentum if it breaks the resistance zone at $83-$84.
Litecoin price has a higher purpose
After a steady decline, Litecoin found support near the $75.00 resistance zone like Bitcoin and Ethereum. LTC price has started a recovery wave above the $78.00 and $80.00 resistance levels.
It even broke the 50% Fib retracement level on a downward move from a high of $88.49 to a low of $74.59. The bulls even pushed the price above $82.00, but the bears were vigorous near the 100 elementary moving average (4 hours).
A key bearish trend line is also forming on the 4-hour chart of the LTC/USD pair with resistance at $83.00. Litecoin is currently trading below $85 and the elementary moving average of 100 (4 hours).
On the other hand, immediate resistance is located near the $83.00 zone or the 61.8% Fib retracement level as part of a downward move from the high of $88.49 to the low of $74.59. The next major resistance is near the $84 level. If there is a clear break above the resistance at $84, the price could begin another forceful rally.
Source: LTCUSD on TradingView.com
In this case, the price will likely continue to rise towards the $88.50 and $90.00 levels. Any further increases could push the LTC price towards the $95.00 resistance zone.
Are inheritances supported in LTC?
If Litecoin price fails to break the resistance level at $84, a downward correction may occur. Initial downside support 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. Any further losses could possibly push the price towards the support at $70.00.
Technical Indicators:
4-Hour MACD – The MACD is currently gaining momentum in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for LTC/USD is above the 65 level.
Major support levels – $80.00 and then $77.80.
Major resistance levels – $83.00 and $84.00.
