Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Buying Dips Favored

Litecoin price corrected lower after trading as high as $62.04 against the US Dollar. LTC remains supported on dips near the $57.00 and $55.80 levels in the near term.

Key Talking Points

  • Litecoin price extended gains above the $60.00 level and traded as high as $62.04 (Data feed of Kraken) against the US Dollar.
  • There is a major contracting triangle in place with resistance at $59.60 on the 4-hour chart.
  • LTC price is likely to find a strong buying interest near the $57.00 or $55.80 support levels.

Litecoin Price Analysis (LTC)

After a decent upward move, there was a downside correction in bitcoin, Ethereum, EOS, ripple, litecoin and other altcoins against the US dollar. The LTC/USD pair traded as high as $62.04 and later declined below the $60.00 support level.

Litecoin Price Analysis Chart

Looking at the 4-hour chart, LTC price remained in an uptrend this week and traded above the $60.00 barrier. It traded as high as $62.04 and settled well above the 100 simple moving average (4-hour).

Later, there was a downside correction below the $60.00 support and the 23.6% Fib retracement level of the last wave from the $52.00 low to $62.04 high. The price even broke the $58.00 support level and tested the key $57.00 support level.

Moreover, the 50% Fib retracement level of the last wave from the $52.00 low to $62.04 high acted as a strong support. At the outset, there is a major contracting triangle in place with resistance at $59.60 on the 4-hour chart.

If there is a break above the triangle resistance and the $60.00 resistance, there could be more gains above the $62.00 level in the near term. On the downside, there is a crucial support near the $57.00 level and the 100 simple moving average (4-hour).

The next support is near $55.80 and the 61.8% Fib retracement level of the last wave from the $52.00 low to $62.04 high. Overall, litecoin price remains supported on dips and it could climb higher once again as long as LTC buyers continue to protect $57.00 and $55.80.

The market data is provided by TradingView.

About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets Reach Aayush via email: aayushjindal@ethereumworldnews.com
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