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
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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
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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.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
