RATE Group | Litecoin Price Analysis: Can LTC/USD Gain Momentum?
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Litecoin Price Analysis: Can LTC/USD Gain Momentum?

06 Aug Litecoin Price Analysis: Can LTC/USD Gain Momentum?

Posted at 14:36h in Ethereum News by

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Litecoin price tested an important support near $72.50 against the US Dollar. LTC/USD is currently recovering, but it is facing many hurdles near $77.00 and $80.00.

Key Talking Points

  • Litecoin price is slowly recovering after testing the $72.50 support area (Data feed of Kraken) against the US Dollar.
  • There is a key bearish trend line in place with resistance at $77.00 on the hourly chart of the LTC/USD pair.
  • The pair has to move past $77.00 and the 100 hourly simple moving average to gain momentum.

Litecoin Price Forecast

There were more declines noted in litecoin price below the $77.00 level against the US dollar. The LTC/USD pair declined below the $75.00 support area and tested the next key support at $72.50.

Looking at the chart, LTC price found bids near $72.40-50 and started an upward correction. It moved above $74.50 resistance and also broke the 50% Fib retracement level of the last decline from the $78.04 high to $72.14 low.

Litecoin Price Analysis LTC USD

The price also traded above the $76.00 level and the…

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