The Value of Litecoin (LTC) Could Decline To the $80 Support Level As It Fails To Break Above Its Resistance at the $85 Mark

The value of Litecoin (LTC) has been pretty unstable and it has not been able to break its resistance at the $85 mark. The digital currency is currently trading below the $85 mark, and it may continue to move downward to test its support level at $80.

Litecoin Price Today: Current Price of LTC

At the time of writing, Litecoin (LTC) is still holding the number 6th spot on the list of top digital currencies in the world by market cap. The digital currency is trading at $81 after a decrease of 4 percent over the past twenty-four hours. Litecoin’s current market cap is $4.69 billion and its trading volume over the past twenty-four hours is $252.07 million.

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Litecoin (LTC) Technical Analysis and Forecast

Over the past few days, there was a nice bullish movement in the value of Litecoin (LTC), and the digital currency increase from its low of $79.54. The value of the coin surged over its resistance at $83, but it encountered a major resistance close to the $85 and $86 mark. According to the chart of the LTC/USD pair, a high was formed close to the $85 mark before the digital currency began a downward movement.

The value of the coin declined below the support level at $83 and the 100-hourly SMA. There was also a break beneath the 50 percent Fibonacci retracement level of the previous swing from the low of $79.50 to the high of $85.90. Right now, the digital currency is trading at $81 and chances are it will decline further.

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The next support of the coin is at $80, if it tests this level then it may head towards the previous swing low of $79. On the other hand, its immediate resistance is at $83.50, if the coin tests this level, then it will open doors for more gains towards to the $85 mark and beyond.

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