Litecoin Price Analysis

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.

Litecoin Price Analysis LTC Chart

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.

The market data is provided by TradingView.

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
Sign up for our Newsletter