Litecoin Price Analysis: Buy Dips In LTC/USD Near $60
Litecoin price extended gains and settled above the $60.00 support against the US Dollar. LTC/USD remains well supported on dips near the $60.00 and $59.00 levels.
Key Talking Points
·Litecoin price traded nicely higher and broke the $62.00 resistance level (Data feed of Kraken) against the US Dollar.
·There is a major bullish trend line in place with support at $59.20 on the hourly chart of the LTC/USD pair.
·LTC price may perhaps correct a few points, but dips remain supported near $60.00 and $59.00.
Litecoin Price Forecast
There was a positive technical development for litecoin price after it settled above the $60.00 support against the US dollar. The LTC/USD pair extended gains and traded above the $62.00 and $63.00 levels.
Looking at the chart, LTC price traded nicely and settled above the $60.00 support plus the 100 hourly simple moving average. It traded as high as $63.68 before starting a downside correction.
The price dipped below the 23.6% Fib retracement level of the recent upside move from the $56.92 low to $63.68 high. It seems like the price is now approaching the $61.00 support area, which was a resistance earlier.
Below $61.00, the next major support is near the $60.00 level since the 50% Fib retracement level of the recent upside move from the $56.92 low to $63.68 high is positioned near the $60.30 level.
More importantly, there is a major bullish trend line in place with support at $59.20 on the hourly chart of the LTC/USD pair. The trend line support above $59.00 holds a lot of importance since it coincides with the 100 hourly SMA.
Therefore, only a close below the $59.00 level and the 100 hourly SMA could open the doors for more declines in the near term. On the other hand, if the price bounces back after testing the $60.00 support, it may well retest the $63.00 level.
Overall, the current structure is positive for litecoin price and it remains nicely supported near $60.00 and $59.00.