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DailyBubble News

LTC Could Rally If It Clears This Barrier

Litecoin price has been on the rise, recovering from the $75.00 zone against the US Dollar. If it manages to clear the $84.00 resistance zone, LTC could continue its upward momentum.

Positive signs are being shown by Litecoin from the $75 support level against the US Dollar. Currently, the price is trading below $85 and the 100 simple moving average (4 hours). A key bearish trend line is forming with resistance at $83.00 on the 4-hour chart of the LTC/USD pair.

After finding support near the $75.00 zone, Litecoin started a recovery wave above $78.00 and $80.00 resistance levels. It even surpassed the 50% Fib retracement level of the downward move from the $88.49 swing high to the $74.59 low. However, the bears have been active near the 100 simple moving average (4 hours).

On the upside, immediate resistance is around $83.00 or the 61.8% Fib retracement level. The next major resistance is near $84.00. If the $84 resistance is broken, the price could see a strong increase.

If Litecoin fails to clear the $84 resistance level, a downside correction could occur. Initial support is at $80.00, followed by $77.80. Further losses may lead to a drop towards the $75.00 support level.

Technical indicators show the MACD gaining pace in the bullish zone and the RSI for LTC/USD is above the 65 level. Major support levels are at $80.00 and $77.80, while major resistance levels are at $83.00 and $84.00.

In conclusion, Litecoin’s price is aiming higher and could continue its upward trend if it breaks the $84.00 resistance level. Conversely, a failure to do so may result in a downside correction towards the $75.00 support level.

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