Litecoin Price Analysis

Litecoin (LTC) Price Remains In Uptrend, Target Above $65

Litecoin price started a downside correction and tested the $59.00 support against the US dollar. LTC is holding key supports and it could bounce back above $60.00 and $62.00.

Key Talking Points

  • Litecoin price corrected lower after trading as high as $61.26 (Data feed of Kraken) against the US Dollar.
  • There is a major bullish trend line in place with support at $59.00 on the hourly chart.
  • LTC price remains supported near the $59.00 and $58.75 levels, with a positive bias.

Litecoin Price Analysis (LTC)

After a decent upward move, bitcoin, Ethereum, EOS, litecoin and ripple corrected lower against the US Dollar. The LTC/USD pair formed a new weekly high at $61.26 and later corrected below the $60.00 support.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price even broke the $59.00 support level, but the $58.75 level acted as a strong support. A swing low was formed at $58.71 and later the price corrected above the $59.50 level and the 100 hourly simple moving average.

There was a break above the 23.6% Fib retracement level of the last decline from the $61.26 high to $58.71 low. However, the price faced a strong resistance near the $60.00 level and a connecting bearish trend line on the hourly chart.

Besides, there was no close above the 50% Fib retracement level of the last decline from the $61.26 high to $58.71 low. The price failed to gain momentum above $60.00 and it is currently consolidating.

On the downside, there is a major bullish trend line in place with support at $59.00 on the same chart. It seems like there is a strong support formed near $58.75 and $59.00, below which the price may move into a bearish zone and it could test $57.00.

Litecoin price is clearly trading above key supports and it may trade in a range below $60.00 for the next few hours before the next break. LTC is likely to break the $60.00 and $61.00 resistance levels as long as there is no close below the $58.75 support 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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