Litecoin (LTC) Price Analysis: Significant Bullish Breakout Looming
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
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.
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.