Litecoin price found support near the $55.00 and $54.00 levels against the US Dollar. LTC/USD is currently rising and it is likely to break the $59.00 and $60.00 resistances.
Key Talking Points
Litecoin price is placed nicely above the $55.00 support zone (Data feed of Kraken) against the US Dollar.
There is a key bullish trend line in place with support at $56.80 on the hourly chart of the LTC/USD pair.
LTC price is gaining upside momentum and it may perhaps break the $58.50 and $59.00 resistances.
Litecoin Price Forecast
After forming a base near the $53.00 level, litecoin price climbed higher slowly and steadily against the US dollar. The LTC/USD pair broke the $55.00 resistance and settled above $55.50.
Looking at the chart, LTC price is trading with a bullish bias above the $56.00 level and the 100 hourly simple moving average. The recent swing low was $55.96 and the price moved above the 61.8% Fib retracement level of the last decline from the $58.37 high to $55.96 low.
The current hourly candle is signaling a positive bias above the $56.00 level. Moreover, the price has cleared the 76.4% Fib retracement level of the last decline from the $58.37 high to $55.96 low.
Therefore, a break and close above the $58.37 high is very likely in the near term. Above this, the price may well trade above the $59.00-59.20 resistance zone, which is a crucial barrier.
A successful close above $59.20 and $60.00 will most likely open the doors for more gains in the near term. On the downside, there are many supports near the $57.00 level. There is also a key bullish trend line in place with support at $56.80 on the hourly chart of the LTC/USD pair.
Around the trend line support, the 100 hourly SMA is positioned near the $56.85 level. Therefore, the trend line and the $58.50 level are likely to hold declines in litecoin price in the near term.
The overall bias is bullish for LTC/USD and the pair is poised to extend gains above $58.00.