LTC surged past the ascending parallel channel line and settled beneath it on the four-hour charts, indicating a potential shift in the market trend.
from the 20-day moving average, which is currently hovering around $80. This could be a pivotal moment for the cryptocurrency, as a successful bounce off this level could signal a potential uptrend in the near future.
Litecoin's price, like bitcoin's, is correcting gains from $92 against the dollar. If the price of LTC is well maintained above $80, it may continue to rise. Bitcoin, ethereum, ripple, and litecoin have all made gains against the dollar in recent days. Previously, LTC set a base above $80 and began a new upward trend.
The price moved decisively over the $85 and $88 barrier levels. The price even surpassed the $90 level. The bears, on the other hand, were active near the $92 level. A high was formed near $91.23, and the price began to fall.
The Bulls failed to sustain $90 levels, and the price fell sharply below it. The price fell below the $87-$85 threshold. The price was trading below the 23.6% Fib retracement level of the upward move from the swing low of $72.42 to the high of $91.23. On the 4-hours chart of the LTC/USD pair, there was a breach below a key bullish trend line with support at $84.00. The price has dropped below $86 and the 50 hourly simple moving average.
On the upside, resistance is situated at the $85 levels. A clear move above the $85 level could raise the price up to $88.00. The big obstacle is around $92.00. If the price exceeds $92.00, it is possible that it will begin to rise significantly. The price is likely to rise even more in this situation, reaching $95.00. Any more advances might push the price of LTC close to $100.00.
If LTC fails to break the $85 barrier, it may fall further. The $82.00 level provides immediate support. It is near to the 50% Fib retracement level of the upward move from the swing low of $72.42 to the high of $91.23. The next major support level is at $80. A breach below the $80 support level might trigger a sharp decline. A closing below $80 might bring the price down to around $75.00. If the price falls further, it may hit the $70 support level in the following sessions.
The LTC has a market capitalization of $6,036,374,682 according to Price Analysis. The 24-hour trading volume of the coin is around $744,624,401. LTC's market capitalization has fallen by 4.43%. During intraday trading, however, transaction volume surged by 10.00%.
KEY LEVELS :
RESISTANCE LEVEL : $86.00-$90.00
SUPPORT LEVEL : $82.00-$78.00
Over the past ten days, the price of LTC has been fluctuating between $80 and $90. A break in either direction could set a new trend. We'd love to hear your thoughts on which direction LTC will break out in.
