LITECOIN PRICE ANALYSIS CMP-$84.50: "Sellers Eyeing More Gains, while Bulls Brace Near $80 Support"

Key Takeaways
  • LTC has remained within its ten-month ascending channel, which was formed on the daily chart
  • Following the breach of the triangle pattern, a significant sell-off was observed on the hourly chart
  • The presence of a double top pattern on the daily chart indicates a potential for further weakness in the near future
25 May 2023 By : Lokesh Gupta

Litecoin, much like Bitcoin, is currently experiencing a correction in its price after a notable upswing from $95 against the US Dollar. 

However, there is a possibility for LTC to regain its upward momentum if it manages to maintain strong support above the $80 level. Over the past few days, Bitcoin, Ethereum, Ripple, and Litecoin all witnessed significant gains against the US Dollar. LTC recently established a foundation above $80 and subsequently embarked on a new upward trajectory.

Following a noticeable surge, Litecoin successfully surpassed key resistance levels at $85 and $90. The price even managed to exceed the $92 mark, but encountered selling pressure in the vicinity of $95. As a result, a peak was established around $95, prompting a corrective decline in price.

Litecoin price experienced a drop below the $90 level, leading to a breach of the 50% Fibonacci retracement level of the upward movement from the swing low at $75.32 to the high at $95.00. Additionally, a significant bullish trend line, which had support around $85, was broken on the 4-hour chart of the LTC/USD pair. Presently, Litecoin is trading below both $88 and the 50-hourly simple moving average.

There is a notable resistance near the $87 level impeding the upward movement of the price. The subsequent significant resistance is positioned around $90. If the price manages to convincingly surpass this level, it could potentially surge towards the $95 mark. Further gains beyond that point might even lead to a test of the $100 threshold.

If LTC is unable to breach the $85 resistance level, it will find immediate support around the $82.80 mark or the 61.8% Fibonacci retracement level of the upward movement from the swing low at $75.32 to the high at $95.00. The subsequent significant support is located near the $80 zone. If the price breaks below the $80 support level, it could potentially initiate a significant decline towards the $75 threshold.

The LTC has a market capitalization of $6,160,146,314, according to Price Analysis. The 24-hour trading volume of the coin is nearly $676,314,386.




Does LTC/USD stumble at horizontal resistance as the $100 level holds? After months of bearishness, will sellers extend for more gains? Will LTC breach $80 or will it come back? Please share your views in the box below.

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.