Litecoin Price Analysis: Continue Buying Dips In LTC/USD
Litecoin price is placed in an uptrend above the $52.00 support against the US Dollar. LTC/USD could bounce back soon above the $54.00 and $55.00 resistances.
Key Talking Points
Litecoin price corrected lower after trading as high as $55.81 (Data feed of Kraken) against the US Dollar.
Yesterday’s highlighted key bullish trend line is intact with support at $52.40 on the hourly chart of the LTC/USD pair.
LTC price could bounce back once again as long as it is above the $52.00 support level.
Litecoin Price Forecast
Yesterday, we saw a decent upward move in litecoin price above the $52.00 resistance against the US dollar. The LTC/USD pair even broke the $55.00 resistance before starting a downside correction.
Looking at the chart, LTC price recently traded as high as $55.81 and later corrected lower. It moved down and broke the $54.00 level and the 23.6% Fib retracement level of the last upside wave from the $50.28 low to $55.81 high.
However, the price found a decent support near the $53.00 level and the 50% Fib retracement level of the last upside wave from the $50.28 low to $55.81 high.
Moreover, yesterday’s highlighted key bullish trend line is intact with support at $52.40 on the hourly chart of the LTC/USD pair. Below the trend line support, the $52.00 level is a strong support along with the 100 hourly simple moving average.
If there is a downside break below the trend line, 100 SMA, and the $52.00 support, there could be an extended downside correction towards the $50.00 support.
On the other hand, as long as the price is above the $52.00 support and the 100 hourly SMA, buyers are likely to gain control. In the mentioned case, the price will most likely surpass the $54.00 and $55.00 resistance levels.
Therefore, buying dips can be considered as long as litecoin price is positioned above the $52.00 support and the 100 hourly SMA. On the upside, the $55.00 and $58.00 levels could be targets for buyers.