The latest price of Litecoin is starting a nice uptrend as it breaks into the $80.00 territory competing against the US dollar.
What to take note of:
- A major bullish trend line is forming with support near the $81.20 mark on the hourly chart from the Litecoin and US dollar couple.
- Litecoin has boosted higher and higher recently and even broke into the major resistance near the $80.00 mark against the US dollar.
- The couple are remaining well supported about the $81.00 and $80.00 mark.
As from yesterday, there was solid support formed near the $77.50 Litecoin price fighting against the US dollar. The pair had started an upward move and traded above the $78.00 and $80.00 resistance territory.
Looking at the above chart, you can see that the price has gained a lot of friction after it broke into the $80.00 resistance price range. The price traded above $82.00 mark and it almost reached the $85.00 level, unfortunately it didnât make it but not for a lack of trying.
There was a high when the price reached $84.48 just before it started to decline. However, it did break the 23% Fib retracement level of the last leg from the low of $77 to the high of $84.
Despite this, there is support above the $81.00 mark. The fundamental support is the level of $81.50 but below this, there is a major bullish trend line. The trend line is forming with support near $81.20 on the chart from the Litecoin and US dollar couple.
On the same trend line which is above the 50% Fib retracement level from the last lag, the price is between the low of $77.59 to the high of $84.48. This means that any dips away from the current levels are quite likely to find backing near the $81.50 level and the $81.20 level.
However, there are positives such as, the key resistance is near the $84.50 mark. This means that if there is a successful breach above this level, there could make a clearer path to reach the $90 mark.
To conclude, investors of Litecoin are taking back control above the $80 mark and as long as the Litecoin price remains above that level there could be a bright future for the cryptocurrency.