Will Litecoin (LTC) Price Dip to $81 or Break the $96 Resistance Position?

As of April 8, the Litecoin price was in bearish territory. The bearish trend that began on April 6 was continuing as of April 8. The Litecoin price dropped to the point that it broke the 12 and the 26-day EMAs to reach $87.36 which is a new low. The Litecoin price was now ranging above $87 in the bearish territory.  Litecoin price is bearish in both the medium term and short term.

Will Litecoin (LTC) Recover?

Looking at the downside, if the Litecoin price continues its fall, it will likely reach $81 in the coming days. On the upside, should the bulls break above both EMAs, the price will likely retest $96 which is a resistance position. The $96 resistance position was able to stop the bulls from advancing any further to Litecoin’s previous high. Meanwhile, the MACD and signal line remain above the zero line indicating a buy signal. The Litecoin price is now below the EMAs indicating that it is in the bearish territory in the medium term.

Litecoin Price Prediction 2019

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$54.66-3.96%

We can recall from a previous report from April 8, 2019, that Grayscale Investments announced that it had effected a change in the structure of its DLC (Digital Large Fund). That announcement gave Litecoin a slight push. The DLC service allows investors easy access to top cryptos. The fund comprises of the five major coins available in the market based on market cap including Bitcoin (BTC), Ethereum (ETH), XRP, Bitcoin Cash (BCH) and Litecoin (LTC).

The latest composition change by Grayscale Investments has seen the Litecoin price increase from the previous 1.8% to 3.3%. This metric represents an 83.33% increase which is reportedly the biggest increase among the digital assets held by Grayscale. Bitcoin (BTC) investment received a 66.8% to 68.3% increase in the same period while Bitcoin Cash (BCH) grew to 2.9% from 2.8%.

Litecoin Price Analysis

According to ethereumworldnews; a swing low was formed at $80.88 and later the price climbed above the $84.00 and $88.00 levels. It even spiked above the $95.00 level and traded as high as $97.63. Recently, it corrected lower below the $94.00 level and the 23.6% Fib retracement level of the last upside from the $80.88 low to $97.63 high.

However, the $90.00 support and the 50% Fib retracement level of the last upside from the $80.88 low to $97.63 high is acting as a strong support.

More importantly, there is a major breakout pattern forming with resistance near the $95.00 level on the 4-hour chart. If there is a clear break above the $95.00 resistance, the price is likely to retest the $100.00 resistance. The next main resistance for buyers is near the $105.00 and $108.00 levels.

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Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.

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