Litecoin Price Analysis

Litecoin (LTC) Price Remains In Uptrend, Eyes Gains Above $60

Litecoin price corrected lower recently, but it found support near $52.00 against the US dollar. LTC remains in an uptrend and it could slowly rise towards $58.00 and $60.00.

Key Talking Points

  • Litecoin price is trading nicely above the $54.00 and $52.00 support levels (Data feed of Kraken) against the US Dollar.
  • There is a short term breakout pattern in place with resistance at $56.50 on the hourly chart.
  • LTC price might dip a few points, but it is likely to climb towards $58.00 or $60.00.

Litecoin Price Analysis (LTC)

In the past few sessions, there were range moves in bitcoin, Ethereum, EOS, ripple, litecoin, BNB and other cryptocurrencies against the US dollar. The LTC/USD pair dipped a few points earlier this week, but it found support near the $52.00 level.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price traded as low as $52.12 and later bounced back above the $54.00 resistance level. The price even broke the $55.00 level and the 100 hourly simple moving average.

A high was formed at $56.61 and later the corrected a few points. It declined below the 23.6% Fib retracement level of the last wave from the $52.12 low to $56.61 high. However, it remained above the $54.00 support level.

Moreover, the 50% Fib retracement level of the last wave from the $52.12 low to $56.61 high acted as a decent support. At the outset, there is a short term breakout pattern in place with resistance at $56.50 on the hourly chart.

Therefore, the price seems to be preparing for the next break either above $56.50 or below $55.50. An upside break above the $56.50 level may open the doors for an acceleration towards the $58.00 and $60.00 resistance levels.

On the other hand, if there is a bearish reaction, litecoin price is likely to find a strong support near the $54.00 level. The next key support is at $53.60, below which LTC could revisit the $52.00 support. Overall, the price may dip a few points, but it remains supported above the $52.00 level.

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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