Litecoin price failed to clear the $85.00 resistance and moved down against the US Dollar. LTC/USD may perhaps continue to move down towards the $80.00 support.
Key Talking Points
- Litecoin price recovery faced a lot of sellers near the $85.00 and $86.00 levels (Data feed of Kraken) against the US Dollar.
- There is a connecting bearish trend line in place with resistance at $84.00 on the hourly chart of the LTC/USD pair.
- The pair may perhaps continue to move down towards the $80.00 and $79.50 supports.
Litecoin Price Forecast
Recently, there was a decent recovery from the $79.54 low in litecoin price against the US dollar. The LTC/USD pair jumped above the $83.00 resistance, but it faced heavy offers near the $85.00 and $86.00 level.
Looking at the chart, the price formed a high at $85.90 and started a downside move. It declined below the $83.00 support and the 100 hourly simple moving average. There was also a break below the 50% Fib retracement level of the last wave from the $79.50 low to $85.90 high.
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