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Litecoin price analysis: LTC/USD edging higher but still confined an extended descending channel

  • Litecoin price intraday cap is below $84.00, key resistance is at the 61.8% Fibo.
  • Immediate support is highlighted at $76, but further declines will be halted at $72.00.

Litecoin price is making bullish attempts to correct higher after rejecting the support at $80.00. The price declined to test the support at $72.00 in the evening (GMT) trading session. The buyers entered leading to brief sharp ascent above $80.00, although the upside was capped below $84.00; the current key resistance level.

The majority of digital assets are making subtle upside movements, similarly, Litecoin price is up over 3% on the day.   The crypto has been locked within a descending channel that has been forming since the beginning of June. The Bulls have their eyes on $100, but first, they must clear the resistance at the 61.8% Fib retracement level with last high at $113 and a $73.2 low.

On the other hand, the immediate resistance is at $80.00, but LTC/USD is trading at $78.8. There is a weak support at $76.00 but the lows traded yesterday marginally above $72.00 could still be tested in today’s trading session. Litecoin’s trading volume is at $271 million in the last 24 hours. It is ranked the 5th in the market and has a market cap of approximately $4.4 billion. Litecoin has a maximum coin supply of 84 million LTC while the circulating supply is 57,158,521.

LTC/USD 2-hour chart

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