Litecoin (LTC) price moved sharply high above the $84.00 and $89.00 resistance levels against the US dollar. Litecoin exchanged hands at $ 95.95 then corrected lower towards the $84.00 support. On the 4-hour chart, there was a key contracting triangle with support near $84.50. Litecoin (LTC) price was well supported on the downside near $84.00 and the $80.00 levels.
Last week, there was a sharp rally in Bitcoin which resulted in gains in altcoins such as Ripple, EOS, Ethereum, and Litecoin against the US dollar. The LTC/USD pair had a strong base above the $72.00 level and then increased above the $80.00 resistance level.
In the 4-hour chart, Litecoin gained traction above $84.00 and $90.00 resistance levels, which opened the doors for more gains above the $92.00 level. In 2019, the price traded to $95.95 level, then recently started a downside correction. The price moved above the $90.00 support and the 23.6% Fib retracement level from the $72.49 low to $96.95 high in the last wave.
The previous resistance near the $84.00 acted as a support. Besides the 50% Fib retracement level of the $72.49 low to $95.95 high acted as a support in the past wave.
In the beginning, there was a key contracting triangle forming with support near the $84.50 on the 4-hour chart. If the price moved above the triangle resistance near the $88.00 level, it’s likely to resume above the $90.00 and the $ 92.00 levels.
If additional loses occur below the $84.50 and the 84.00 support levels, the Litecoin (LTC) price of Litecoin may go back to $80.00 and the $79.50 support levels. If Litecoin trading moves above the $79.50 pivot level and maintains an upward trend, then it’s likely to break the $90.00 resistance once more in the foreseeable future.
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