Litecoin Price Prediction: LTC Could Rally If It Clears This Barrier
May 09 2024 - 2:08AM
NEWSBTC
Litecoin price is recovering higher from the $75.00 zone against
the US Dollar. LTC could continue to rise if it clears the $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). There is a key
bearish trend line 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 clears the $83-$84 resistance zone.
Litecoin Price Aims Higher After a steady decline, Litecoin found
support near the $75.00 resistance zone, like Bitcoin and Ethereum.
LTC price started a recovery wave above the $78.00 and $80.00
resistance levels. It even cleared 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 key
bearish trend line 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 near the $84 level. If there is a
clear break above the $84 resistance, the price could start another
strong increase. Source: LTCUSD on TradingView.com In the stated
case, the price is likely to continue higher toward the $88.50 and
$90.00 levels. Any more gains might send LTC’s price toward the
$95.00 resistance zone. Are Dips Supported in LTC? If Litecoin
price fails to clear the $84 resistance level, there could be a
downside correction. Initial support on the downside is near the
$80.00 level. The next major support is forming near the $77.80
level, below which there is a risk of a move toward the $75.00
support. Any further losses may perhaps send the price toward the
$70.00 support. Technical indicators: 4-hour MACD – The MACD is now
gaining pace 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.
Litecoin (COIN:LTCUSD)
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