Litecoin Price Analysis: How LTC/USD’s Consolidation at $75 Sets Ball Rolling Towards $100?
- Litecoin price immediate downside is protected by the 50 SMA at $74.39 and the 200 SMA at $69.88.
- LTC/USD’s consolidation above $75 is likely to allow more buyers to join the market, pulling the price above $80.
Litecoin price recent dip found refuge at $65. The recovery from the support pushed above $70 and $75 resistance zones. Further upside action came into contact with $80 but unfortunately, the bulls lost their mojo culminating in another brief spiral.
At the time of writing, LTC/USD is trading at $76. The immediate downside is protected by the 50 SMA on the 4-hour chart. Also contributing to the support is a short trend line, which is also part of the key flag pattern, the resistance at $80 has been tested twice since Litecoin price dropped from the yearly highs at $84.62.
Therefore, the selling activity in the same zone would greatly hinder LTC’s recovery. Moreover, in the event the support at $75 shelves to the pressure, Litecoin price could dive further to test the next support at the 200 SMA ($70).
LTC/USD 4-hour chart
On the other hand, the Relative Strength Index (RSI) shows that sideways trading is the most likely trend for the current and upcoming sessions. The trend followed by the RSI has leveled above 50. Continued sideways action is expected as bulls gather the strength to attack the critical $80. In this case consolidation at $75 would be very vital to creating more demand for LTC in the near term.
Litecoin Key Levels:
Spot rate: $76.89
Relative change: -2.96
Percentage change: $-3.71
Trend: Bullish bias
Support: 50 SMA and the 200 SMA in the 4-hour chart
Resistance: $80 and $85
Image from TradingView
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