Litecoin price is recovering higher from the $75.00 zone against the US dollar. The LTC could continue to rise if it crosses the USD 84.00 resistance zone.
- 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).
- A major bearish trendline is 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 crosses the $83-$84 resistance zone.
Litecoin price aims higher
After a steady decline, Litecoin found support near the $75.00 resistance zone, just like Bitcoin and Ethereum. LTC price started a recovery wave above the USD 78.00 and USD 80.00 resistance levels.
It even touched the 50% Fib retracement level of the downward move from the $88.49 swing high to the $74.59 low. The bulls even pumped the price above $82.00, but the bears were active near the 100 simple moving average (4 hours).
There is also a major bearish trendline forming with resistance at $83.00 on the 4-hour chart of the LTC/USD pair. Litecoin is now trading below $85 and the 100 simple moving average (4 hours).
On the upside, immediate resistance is near the $83.00 zone or the 61.8% Fib retracement level of the downward move from the $88.49 swing high to the $74.59 low. The next major resistance is around the $84 level. If there is a clear break above the USD 84 resistance, the price could trigger another strong rise.
Source: LTCUSD on TradingView.com
In the said case, the price is likely to continue higher towards the USD 88.50 and USD 90.00 levels. Any further gains could send the price of LTC towards the USD 95.00 resistance zone.
Are dips supported in LTC?
If Litecoin price fails to break the USD 84 resistance level, a downward correction may occur. The initial downside support is near the USD 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 perhaps send the price towards the $70.00 support.
Technical indicators:
4-hour MACD – The MACD is now gaining speed 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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