Price Analysis

Litecoin (LTC) price analysis: The backs and forth may soon stabilize

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.

Do you think Litecoin price will stabilize?

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coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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