Litecoin (LTC) has displayed positive indicators against the dollar, particularly rebounding from the $75 support area. After a recent decline, the LTC price has started to recover, surpassing the $78.00 and $80.00 resistance levels. Now, investors are closely monitoring the potential price targets for LTC.
Bullish Momentum in LTC
The price has surged above $82.00, with a notable downtrend line established around the $83.00 resistance on the LTC/USD 4-hour chart. While currently trading below $85, Litecoin still holds bullish potential for further gains.
There are expectations for LTC to breach the $83.00 resistance level in the near future, with the next significant barrier at $84. Surpassing $84 could spark a strong upward trajectory for Litecoin, aiming towards $88.50 and $90.00. Further advancements might even lead LTC's price to the $95.00 resistance region.
Potential Challenges for Litecoin
If LTC fails to break above the $84 resistance, a correction could be imminent. In such a scenario, the initial support lies at $80, followed by a major support level at $77.80. Falling below $77.80 could drive Litecoin towards the $75 support and even down to $70.
Looking at the technical analysis, the 4-hour MACD shows a bullish trend gaining momentum, indicating a potential price increase. Furthermore, the 4-hour RSI for LTC/USD is above 65, signaling a strong buy possibility. A drop below key support levels might lead to a test of the $70 mark.
Investors should keep a close eye on critical support levels at $78 and $76, while monitoring the $85 level for swift upward movements. At the time of writing, Litecoin is trading at $82.09.
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