Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Could Climb Above $60

Litecoin price is forming a solid support above $54.00 against the US Dollar. LTC/USD is likely to extend gains above $60.00 in the near term.

Key Talking Points

  • Litecoin price stayed above the $53.00 and $54.00 support levels (Data feed of Kraken) against the US Dollar.
  • There is a major bearish trend line in place with resistance at $57.70 on the hourly chart of the LTC/USD pair.
  • LTC price has to break the $58.00 resistance to gain pace above the $60.00 level in the near term.

Litecoin Price Forecast

There was a decent price action above the $53.00 swing low in litecoin price against the US dollar. The LTC/USD pair stayed above the $53.00 and $54.00 support levels, which is a positive sign.

Litecoin Price Analysis LTC USD

Looking at the chart, LTC price attempted to clear the $54.00 level on a few occasions, but buyers succeeded in defending more losses. As a result, there was a minor upward move and the price moved above the $55.00 and $56.00 levels.

There was also a break above the 23.6% Fib retracement level of the last decline from the $62.20 swing high to $53.10 swing low. However, the current wave is prevented near the $57.70 and $58.00 levels.

There is also a major bearish trend line in place with resistance at $57.70 on the hourly chart of the LTC/USD pair. The trend line coincides with the 50% Fib retracement level of the last decline from the $62.20 swing high to $53.10 swing low.

Therefore, once the price breaks the trend line and the $58.00 resistance, there could be more gains in the near term. On the downside, the $55.00 level is an initial support. Below this, there is a trend line formed with current support at $54.00.

Moreover, the last swing low near $53.10 is also a key support. As long as the price is above these supports, the Litecoin price is likely to move higher in the near term above the $60.00 level.

The market data is provided by TradingView.

Aayush Jindal
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
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