Litecoin Price Analysis

Litecoin (LTC) Price Breaks $60, Can There Be More Upsides?

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.

Litecoin Price Analysis LTC Chart

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.

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: aayushjindal@ethereumworldnews.com
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