Litecoin price finally broke the key $60.00 resistance area against the US dollar. LTC is currently consolidating above $60.00 and it could continue to move higher.
Key Talking Points
- Litecoin price climbed higher and broke the $58.00 and $60.00 resistances (Data feed of Kraken) against the US Dollar.
- There was a break above a major contracting triangle with resistance at $60.55 on the hourly chart.
- LTC price remains supported on dips near $60.00 and it may rise above the $62.00 level.
Litecoin Price Analysis (LTC)
In the past few analysis, we discussed the chances of an upside break above $60.00 in litecoin price against the US Dollar. The LTC/USD pair did gain traction along with bitcoin, Ethereum, EOS and ripple to clear the $58.00 and $60.00 resistance levels.
Looking at the chart, LTC price even broke the $61.00 level and settled well above the 100 hourly simple moving average. A new monthly high was formed near $62.04 and later the price corrected lower. It declined below the $61.00 level to start a short term correction.
There was a break below the 23.6% Fib retracement level of the last wave from the $55.73 low to $62.04 high. However, the $59.00 level (the previous resistance) acted as a support and protected more losses.
The price also found support near the 50% Fib retracement level of the last wave from the $55.73 low to $62.04 high. Finally, there was a fresh upside break above the $60.00 and $60.50 levels.
There was also a break above a major contracting triangle with resistance at $60.55 on the hourly chart. It opened the doors for more gains, but the price once again failed near the $62.00 level. In the short term, there could be a few swing moves above $60.00 before the price makes the next move.
Litecoin price will most likely extend gains above the $62.00 level. The next key resistance levels are $64.00 and $65.00. However, if there is a downside break below $60.00, LTC price may revisit the $58.50 support and the 100 hourly SMA.
The market data is provided by TradingView.