Litecoin (LTC) Is Slightly Trading Above Its Support Level As It Faces Resistance at the $80 Level

The bears are fighting hard to bring down the value of digital currencies in the market, and over the past twenty-four hours, almost all the top digital currencies in the market are in the red. The value of Litecoin (LTC) began an upward movement from the low of $74 against the USD. Nevertheless, the upward movement was stopped by a key resistance at the $80 level, and the digital currency stared correcting lower.

Litecoin Price Today: Current Price of LTC

At the time of writing, Litecoin (LTC) is trading at $75.9 after a decrease of 2.7 percent over the past twenty-four hours. The market cap of the digital currency is $4.36 billion and its trading volume over the past twenty-four hours is $270.92 million.

Litecoin (LTC) Price Analysis

After a significant decline in value, Litecoin (LTC) found support close to the $74 mark against the USD. The digital currency formed a low at the $64.5 level, and it later began an upward movement. From the chart of the coin, the value of Litecoin (LTC) managed to trade over the resistance level of $78.

There was also break over the 38.2 percent Fibonacci retracement level of the previous swing from the high of $86 to the low of $74. Nevertheless, the upward correction was stopped by a major resistance close to the $80 mark.

Also, the 100-hourly SMA that is presently at the $79 mark also acted as a hurdle for more gains. Furthermore, the highlighted major bearish trendline of yesterday is still active with resistance at the $79 level. A break over the $80 resistance level and the 50 percent Fibonacci retracement level of the previous decline from the high of $86 to the low of $74 is needed for more gains.

After the current resistance at the $80 level, the next resistance is at $82. On the other hand, if the digital currency fails to break its current resistance, it could test its support level at $74 in the short-term.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.


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