Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Dips Remain Attractive In Mid Term

Litecoin Price Analysis LTC Chart

Litecoin price tested the $61.25 resistance again and failed to gain traction against the US dollar. LTC is currently correcting lower, but dips remain supported near the $59.50 and $59.00 levels.

Key Talking Points

  • Litecoin price started a downside correction after testing the $61.50 level (Data feed of Kraken) against the US Dollar.
  • There was a break below a couple of short term bullish trend lines with support near $60.50 on the hourly chart.
  • LTC price could extend the current downside correction towards the key $59.00 support area.

Litecoin Price Analysis (LTC)

This week, there were decent gains in bitcoin, Ethereum, EOS, litecoin and ripple against the US Dollar. The LTC/USD pair climbed above the $60.00 and $61.00 resistance levels before sellers appeared near $61.20-61.50.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price recently traded above the $61.20 resistance and traded to a new weekly high at $61.48. However, buyers failed to retain momentum, sparking a downside correction below the $61.20 and $61.00 levels.

The price traded below the 23.6% Fib retracement level of the last wave from the $57.18 low to $61.48 high. Moreover, there was a break below a couple of short term bullish trend lines with support near $60.50 on the hourly chart.

The pair even broke the $60.00 level recently and it may continue to move down. The next key support is near the $59.50 level and the 100 hourly simple moving average.

The next support is near the $59.33 level and the 50% Fib retracement level of the last wave from the $57.18 low to $61.48 high. However, the main support is near the $59.00 level, which is also a strong pivot zone.

Overall, litecoin price is currently correcting lower from the $61.48 high. LTC price could gain momentum below $60.00, but there are many supports on the downside near the $59.50 and $59.00 levels. On the upside, an initial resistance is at $60.80, above which the price may revisit the $61.20 and $61.50 resistance levels. A clear break above the $61.48 high might push the price towards $64.00.

The market data is provided by TradingView.

Aayush Jindal
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: [email protected]
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