- Litecoin has started its upward movement with strong buying from the important support level of $80.35.
- If LTC surpasses the resistance level of $85.77, it has the potential to continue its rise towards $92.16.
- In a bearish scenario, Litecoin may perform a downward movement towards $77.70 by closing below the level of $79.63.
Litecoin has risen from the support level of $80.35 with strong buying and is targeting the resistance level of $85.77. However, closing below the level of $79.63 in a bearish scenario indicates a continuation of the downward trend.
Medium-Term LTC Analysis
When examining Litecoin’s daily price chart, it can be observed that it is moving near an important support zone. The nearest support zone is between $81.34 and $79.63. Currently, the Litecoin price is moving at $84.44.
As long as Litecoin encounters strong buying demand from the support zone of $81.34 to $79.63, it can continue its upward movement towards the $100 levels. The nearest resistance level before reaching the $100 target is set at $93.
However, if the LTC price closes below the level of $79.63 on a daily basis, it can extend the downward movement towards $77.70. The strongest support level below $77.70 is determined to be $71.25 for Litecoin.
Short-Term LTC Analysis
2-Hour LTC/USD Price Chart
When examining Litecoin’s short-term price chart, it can be observed that it encountered strong buying from the important support level of $80.35 and thus continued its upward movement towards the $85 levels.
If the LTC price closes above the mentioned resistance level of $85.77 on a 2-hour basis and maintains stability at this level, it can continue its upward movement towards $92.16.
In addition, if the LTC price closes above the $93 level on a 2-hour basis, it can continue its rise towards $96. However, if Litecoin fails to break the resistance level of $85.77, it can extend the downward movement towards $80.40. The specified important support and resistance levels of LTC should be closely monitored.
