Litecoin price analyses show that the altcoin corrected its movement and the main $75 support level. It is likely preparing a strong upwards movement above the $85 resistance level so in today’s altcoin news we take a closer look at the analysis.
The litecoin price analysis shows that the altcoin corrected the lower $70 support area and is retesting the $75 support area again. LTC is setting up for a new strong movement since it already traded as low as $74.11 and rebounded above the $76 price point. The cryptocurrency is trading currently inside a correcting triangle that we should watch closely on the hourly charts. The price is expected to accelerate even higher once the cryptocurrency breaks above the $80 resistance level.
Earlier today, a strong upward motion in ethereum, bitcoin cash, bitcoin, Eos and Cardano happened. According to the litecoin price analysis provided on CoinMarketCap, the cryptocurrency also increased significantly higher above the $78 level before stabilizing at $76 and it seems like the bulls are gaining momentum in the near term.
If you take a closer look at the 2-hours chart Litecoin price analysis shows that the LTC/USD pair spiked below the $75 level and traded all the way at $74. However, the first support area was standing strong since the price jumped back over the $76 price level and has a 25 simple moving average. There was also a break above the 23.6% Fib retracement level when the litecoin price analysis showed a decline from the $85 all the way down to $74. The price even reached a $79 level but didn’t continue the pace above the $80 resistance level.
Also, it is important to notice that the decline from the previous $85 to the $74 low is pretty much a solid resistance though it may not seem like one. The price is still fluctuating inside a major triangle with multiple resistance levels around the $79 on the same charts. If the Litecoin price analysis doesn’t show a possibility above the resistance levels, the cryptocurrency could gain even further all the way up to the near level.
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Also, if the bulls remain in action, the price could even reach the $90 level as analyzed previously in the coming altcoin news.
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