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.
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.