Litecoin Price Analysis: Why LTC/USD reversal under $80 imminent?
|- Litecoin price endures the push by the sellers to afloat above $80 following the rejection from $80.
- Litecoin remains in the bullish hands after the recent reversal embraced support at $78, the trendline and the 50 SMA.
Spot rate: $81.37
Relative change: 0.8663
Percentage change: 1%
Trend: Bullish (short term)
Volatility: Expanding
LTC/USD daily chart
Litecoin price is pushing for consolidation above $80. The ability to defend $80 will determine how fast the bulls can relaunch the attack towards $100. However, danger lurks in the ‘dark’ with the formation of a rising wedge pattern. If the resistance at $85 is not cleared, Litecoin’s potential for a reversal will remain high. This means that sellers could trim the accrued gains until LTC finds credible support at $60 if not $70.
LTC/USD 1-hour chart
Short term technical analysis shows Litecoin bulls taking over control from the bears. LTC is bouncing off the support provided by an ascending trendline in conjunction with the 50SMA. A short term resistance at $80 must come down for LTC to tackle higher levels at $85 and then trend towards $100.
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