LTC at a Crossroads: Can It Rebound and rally?
Litecoin is stabilizing over $80.00 versus the US dollar.
Dollar. LTC might rise again if it breaks $88.00 barrier.
At $80 versus the US Dollar, Litecoin is showing promise.
The price is below $88 and the 100-hour SMA.
On the hourly LTC/USD chart, a negative trend line with resistance at $86.00 is formed.
The price might rise if it breaks the $88.00 resistance zone.
Litecoin Price May Rise
After stabilizing at $85, Litecoin rose. LTC overcame $88 and $90 barrier to trend positive like Bitcoin and Ethereum.
Price rose over 10% and broke $95 barrier. Before the downturn, $98 was the high. Under $88, the price tested $82. The price is consolidating losses below the 23.6% Fib retracement level of the negative move from the $94.71 swing high to the $81.69 low.
Below $88 and the 100 SMA (4 hours), Litecoin is trading. Resistance at $85.00 is imminent on the upside. The hourly LTC/USD chart shows a negative trend line with resistance at $86.00.
The next big obstacle is $88 or the 50% Fib retracement of the decline from the $94.71 swing high to the $81.69 low. A decisive breach over $88 resistance might spark another significant rise. The price is anticipated to rise to $92 and $95 in this situation. More advances might push LTC toward $100 barrier.
More LTC losses?
If Litecoin fails to break $86 resistance, it may fall again. Initial downside support is $82.
Next big support is at $80, below which a decline to $75 is possible. Further declines might push the price around $68.
The technical indications
Hourly MACD - MACD is falling in the negative zone.
Hourly RSI: LTC/USD is below 50.
Major Support Levels: $82.00, $80.00.
Major resistance levels: $86.00, $88.00.