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.
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.
