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.
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.