As an experienced analyst, I believe that Litecoin’s price is showing positive signs of recovery after finding support at the $75.00 resistance zone. The bullish momentum could continue if the price manages to clear the key resistance levels of $83.00 and $84.00. However, a failure to do so could result in a downside correction toward the $80.00 and $77.80 support levels.
The price of Litecoin is bouncing back up from the $75.00 mark against the US dollar. If Litecoin manages to surmount the $84.00 resistance, it may continue to climb further.
- Litecoin is showing positive signs from the $75 support zone against the US Dollar.
The price is now trading below $85 and the 100 simple moving average (4 hours).
There is a key bearish trend line forming with resistance at $83.00 on the 4-hour chart of the LTC/USD pair (data feed from Kraken).
The price could gain bullish momentum if it clears the $83-$84 resistance zone.
Litecoin Price Aims Higher
Following a consistent downtrend, Litecoin encountered backing at around $75.00 – a level acting as resistance for both Bitcoin and Ethereum. Subsequently, LTC‘s price bounced back, surpassing the previous resistances of $78.00 and $80.00.
As a researcher studying financial market trends, I’ve observed that the price moved below the 50% Fibonacci retracement level of the decline from the $88.49 peak to the $74.59 trough. However, the bulls managed to push the price above $82.00. Yet, the bears remained vigilant near the 100-simple moving average on the 4-hour chart.
On the 4-hour chart for Litecoin against the US Dollar, a bearish trend line is emerging with a resistance level at $83.00. Currently, Litecoin’s price is beneath this mark, as well as below the 100 simple moving average, which is now at $85.
The good news is that the immediate resistance lies around the $83.00 mark or the 61.8% Fibonacci retracement level following the price drop from its peak at $88.49 to its low of $74.59. Beyond this, the next significant resistance can be found near $84. A clear breach above this barrier could potentially trigger further robust gains for the price.
Based on current market trends, I believe the price will progressively rise towards the $88.50 and $90.00 thresholds. Should additional upward momentum emerge, the price of Litecoin (LTC) could potentially challenge the resistance at $95.00.
Are Dips Supported in LTC?
Should the price of Litecoin fall short of breaking through the $84 resistance mark, there’s a possibility for a corrective decline. A floor in this potential downturn could be found around the $80.00 region.
Support at the $77.80 mark is the next significant level where the price could find buying interest. A drop below this point might lead to a downward trend towards the $75.00 support. If the price falls any further, it could potentially reach the $70.00 support.
Technical indicators:
4-hour MACD – The MACD is now gaining pace 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 followed by $77.80.
Major Resistance Levels – $83.00 and $84.00.
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2024-05-09 09:22