Litecoin price climbed higher recently towards $68.00 against the US Dollar. LTC/USD is correcting lower, but dips remain supported near $63.00.
Key Talking Points
- Litecoin price gained traction and moved above the $65.00 resistance area (Data feed of Kraken) against the US Dollar.
- There is a major bullish trend line formed with current support at $63.30 on the hourly chart of the LTC/USD pair.
- LTC price could correct lower in the short term, but buyers are likely to appear near $64.00 and $63.00.
Litecoin Price Forecast
Recently, there was a nice upside move from the $60.00 swing low in litecoin price against the US dollar. The LTC/USD pair traded higher and broke the $65.00 and $66.00 resistance levels.
Looking at the chart, LTC price even broke the $67.00 level and formed a high at $67.71. Later, the price started a downside correction and traded below the $66.00 level.
There was also a break below the 23.6% Fib retracement level of the last wave from the $58.66 low to $67.71 high. It is currently trading below the $65.00 level, but there are many supports on the downside near the $64.00 and $63.00 levels.
More importantly, there is a major bullish trend line formed with current support at $63.30 on the hourly chart of the LTC/USD pair. The same trend line coincides with the 50% Fib retracement level of the last wave from the $58.66 low to $67.71 high.
Lastly, the 100 hourly simple moving average is also positioned near the $63.00 level. Therefore, if the price corrects lower, it is likely to find support near the $63.50 and $63.00 levels. Below the trend line, the price could drop back towards the $60.00 support.
Should the price bounce back from the $63.00 support area, it could move above $65.00 once again to test the $67.00 and $68.00 levels.
Overall, litecoin price is placed nicely in a positive zone above the $63.00 level. Buying the short term can be considered as long as there is no close below $62.00 and 100 SMA.
The market data is provided by TradingView.
