Litecoin (LTC), against the dollar, is showing promising signals from the $75 support zone. Following a steady decline recently, LTC price has initiated a recovery movement above the $78.00 and $80.00 resistance levels. Now, LTC investors are curious about which levels the price might head towards. Let’s look at the details.
LTC Bulls on the Move
The bulls have even pushed the price above $82.00. On the 4-hour chart of the LTC/USD pair, there is a significant downtrend line determined by the $83.00 resistance. Silver Bitcoin Litecoin is currently trading below $85, but carries upward potential.
In the coming period, it is expected to break above the $83.00 resistance. The next major resistance is near the $84 level. If the $84 resistance is clearly surpassed, it is anticipated that the cryptocurrency Litecoin could start a strong upward trend.
In this scenario, it is likely that the price will continue to rise towards the $88.50 and $90.00 levels. Further increases could push LTC’s price up to the $95.00 resistance area.
If Cryptocurrency LTC Fails to Surpass Resistance Zones!
The current situation of the cryptocurrency Litecoin is characterized by the failure to surpass the $84 resistance level. Not surpassing this level strengthens the possibility of a correction. If LTC moves downward, the first support forms around $80.
However, the most notable point is the main support level at $77.80. Dropping below this level indicates a move towards the $75 support level. Moreover, further losses could send the price down to $70.
Looking at the technical indicators, we see that the 4-hour MACD is gaining momentum in the bullish zone. This suggests a possible upward trend in price. Additionally, the 4-hour RSI for LTC/USD is above the 65 level, which could be interpreted as a strong buy signal. Dropping below the main support levels could pull the price further down and lead to testing the $70 support.
Silver Bitcoin LTC investors should watch the $78 and $76 levels as critical support levels. For a quick rise, investors should also monitor the $85 level. Litecoin is trading at $82.09 at the time of writing.
