Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Significant Bullish Breakout Looming

Litecoin Price Analysis LTC Chart

Litecoin price is currently consolidating above $60.00 and $59.00 supports against the US Dollar. LTC could surge higher if it clears the $62.20 and $62.50 resistance levels in the near term.

Key Talking Points

  • Litecoin price is currently trading in a range above the $59.50 support (Data feed of Kraken) against the US Dollar.
  • There is a major bullish trend line in place with support at $59.60 on the 4-hour chart.
  • LTC price is likely to accelerate gains once there is a break above the $62.20 swing high.

Litecoin Price Analysis (LTC)

This past week was positive for bitcoin, Ethereum, EOS, ripple, litecoin and other altcoins against the US dollar. The LTC/USD pair remained in a bullish zone, but it faced a strong resistance near the $62.00 and $62.20 levels.

Litecoin Price Analysis LTC Chart

Looking at the 4-hour chart, LTC price started a downside correction after trading as high as $62.16. It corrected below the $60.00 support and the 23.6% Fib retracement level of the last upside from the $52.08 low to $62.16 high.

However, the price found a strong support near the $57.50 level and the 100 simple moving average (4-hour). Besides, the 50% Fib retracement level of the last upside from the $52.08 low to $62.16 high also acted as a decent support.

Later, the price bounced back above $60.00 and $61.00. However, it failed to clear the $62.00 resistance area. It is currently trading in a range above the $59.50 support. There is also a major bullish trend line in place with support at $59.60 on the 4-hour chart.

Above the trend line, the 100 simple moving average (4-hour) is positioned near the $59.80 level to act as a strong support. Therefore, dips towards the $59.80 and $59.60 levels remain supported. If there is a downside break below $59.60, the price may revisit the $57.50 support.

On the upside, litecoin price needs to gain strength above the $62.00 resistance area to climb further higher. Once LTC settles above the $62.00 level and clears the $62.20 resistance, there could be an upside acceleration towards the $65.00 and $66.00 levels.

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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