Litecoin (LTC) Price Forecast: This Resistance Might Catalyze New Rally

• LTC saw new dips beneath the $80 foothold.
• Litecoin has its price action beneath the 4hr 100 Simple Moving Average and $70.
• The LTC/USD 4hr chart shows a crucial bearish trend-line developing with resistance at around $70.50.
• Overpowering the barrier at $72 might trigger decent upsides for the altcoin.

Litecoin’s price swayed well beyond the support barrier of $60 against the USD. However, the alternative token retains an upside bias and could attempt new rallies past the $70 mark.

LTC Targets Upside Break

Litecoin price suffered steady dips early this month, weakening from the $80 mark. Finally, the asset fell beneath the foothold of $75 to enter a bearish territory. That came amid a broad market slump that saw the likes of Ethereum and Bitcoin crashing.

The price action wavered beneath the support zone of $70 and the 4hr 100 SMA (Simple Moving Average. The altcoin attempts price recoveries after printing a low at $61.02. Further, there was an impressive upward correction beyond the $63 & $65 marks.

LTC recorded a move past the slide’s 23.6% Fibonacci resistance zone from the swing peak of $79.80 to $61.02. While publishing this article, the alt changed hands near the $70 and 4hr SMA resistance.

The closest hurdle to the upside stands at $70. Also, the 4hr chart indicates a crucial bearish line developing with $70.5 resistance. The trend line sits near the 50% Fibonacci retracement of the dip from $79.80 to $61.02.

Meanwhile, a clear break beyond the $70.5 obstacle will welcome massive price rallies. That would attract increased upward pressure, pushing toward $72 & $75. Extended upswings might send the altcoin toward the obstacle at $80.

New LTC Dips?

Litecoin price will endure new downward movements if the price fails to overcome the resistance of $70. The nearest support sits at around the $65.50 mark. Meanwhile, the initial primary foothold is forming at $64.00.

Continued losses might send prices toward the foothold of $60.00 in the upcoming sessions. Furthermore, LTC fans should evaluate the broad market cues for informed decisions. That may help identify invalidation levels.