Litecoin price retested a crucial support at $72.50 against the US Dollar. LTC/USD could move higher as long as it is above the $72.50 support.
Key Talking Points
- Litecoin price declined once again and tested the $72.50 support (Data feed of Kraken) against the US Dollar.
- Yesterday’s highlighted major bearish trend line is intact with resistance at $76.00 on the hourly chart of the LTC/USD pair.
- The pair may correct higher, but it won’t be easy for buyers to break the $75.00 and $76.00 hurdles.
Litecoin Price Forecast
There was a rejection noted from the $77.00 resistance in litecoin price against the US dollar. The LTC/USD pair fell, broke the $74.50 support and retested an important support at $72.50.
Looking at the chart, LTC price held the $72.30-50 support area and losses were contained. Later, the price started consolidating and moved above the 23.6% Fib retracement level of the recent slide from the $76.81 high to $72.30 low.
If the price moves above the $74.00 level, it is likely to face sellers near the $74.50 level. It coincides with the 50% Fib retracement level of the recent slide from the $76.81 high to $72.30 low.
Above $74.50, the 100 hourly simple moving average is positioned near the $74.80 level, which is the next major resistance. Finally, yesterday’s highlighted major bearish trend line is intact with resistance at $76.00 on the hourly chart of the LTC/USD pair.
Therefore, if the price corrects higher, it is likely to face many resistances near the $74.50 and $76.00 levels. A successful close above $76.00 and $77.00 may perhaps open the doors for a larger recovery in the near term.
On the other hand, the $72.30-50 support area holds the key for the next move in LTC/USD. As long as the pair is above $72.30, it could make an upward move.
To sum up, litecoin price must stay above the $72.30-50 support. If not, there is a risk of a downside break towards $70.00.
The market data is provided by TradingView.