Litecoin (LTC) at a Crossroads: Can It Rebound and Rally?

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The price of Litecoin is stabilizing at more than $80, relative to the U.S. dollar. If Litecoin manages to break through the $88.00 resistance barrier, it may initiate a new upward trend.

  • Litecoin is showing positive signs from the $80 support zone against the US Dollar.
  • The price is now trading below $88 and the 100-hourly Simple Moving Average.
  • There is a key bearish trend line forming with resistance at $86.00 on the hourly chart of the LTC/USD pair (data feed from Kraken).
  • The price could start a fresh increase if it clears the $88.00 resistance zone.

Litecoin Price Eyes Fresh Increase

Following the establishment of a foundation at around $85, Litecoin commenced an upward trend. The value of LTC surpassed the resistance levels of $88 and $90, thereby shifting into a favorable region, mirroring the movements of both Bitcoin and Ethereum.

The cost surged over 10%, breaking through the $95 mark, and peaked at $98. However, it then experienced a retreat. After dipping below $88 and touching $82, it reached its lowest point at $81.69. Now, the price is stabilizing, having incurred losses below the 23.6% Fibonacci retracement level of the downward trend from the peak at $94.71 to the trough at $81.69.

Currently, Litecoin’s price is dipping below the $88 mark and the 4-hour simple moving average. On the positive side, a potential barrier for growth can be found around the $85.00 region. Additionally, a significant bearish trend line is developing with a resistance point at $86.00 on the hourly chart of LTC/USD.

The upcoming significant obstacle for further growth lies around the $88 mark or at the 50% Fibonacci retracement point of the decline from the peak of $94.71 to the trough of $81.69. Should there be a decisive break above this $88 barrier, it could trigger another robust upward trend. In such a scenario, the price is expected to continue climbing towards the $92 and $95 thresholds. Additional gains may propel LTC’s value toward the $100 resistance area.

More Losses in LTC?

Should Litecoin’s price not surpass the $86 barrier, a potential drop might occur. The initial support for this cryptocurrency could be found around the $82 mark.

Support is building close to the $80 mark, dropping beneath this could potentially lead to a downward trend towards the $75 support. If prices continue to fall, they might reach the $68 support level.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for LTC/USD is below the 50 level.

Major Support Levels – $82.00 followed by $80.00.

Major Resistance Levels – $86.00 and $88.00.

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2024-11-21 08:10