Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Could Extend Gains

Litecoin price is placed nicely above the $55.00 level against the US Dollar. LTC/USD could continue to move higher towards the $59.00 and $60.00 levels.

Key Talking Points

  • Litecoin price traded higher recently and broke the $55.00 resistance (Data feed of Kraken) against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $55.80 on the hourly chart of the LTC/USD pair.
  • LTC price may perhaps continue to rise towards the $60.00 resistance zone in the near term.

Litecoin Price Forecast

There was a slow and steady rise initiated from the $52.00 swing low in litecoin price against the US dollar. The LTC/USD pair traded above the $54.00 and $55.00 resistance levels to move into a bullish zone.

Litecoin Price Analysis LTC USD

Looking at the chart, LTC price gained traction above the $54.00 level and the 100 hourly simple moving average. It also cleared the 61.8% Fib retracement level of the last slide from the $58.50 high to $50.47 low.

More importantly, there was a break above a major bearish trend line with resistance at $55.80 on the hourly chart of the LTC/USD pair. The pair traded as high as $57.33 and it is currently correcting lower.

An initial support is near the 23.6% Fib retracement level of the last wave from the $53.37 low to $57.33 high. Below this, the broken trend line near the $55.80 level is likely to act as a support. Finally, the $55.00 level could provide support.

The last defense is near the $54.00 level and the 100 hourly SMA, which is close to the 76.4% Fib retracement level of the last wave. Overall, the price remains well supported on dips near the $55.00 and $54.00 level.

On the upside, a break above the $57.33 high may call for a push towards the $59.00 resistance. The next hurdle for buyers is near the $60.00 level, above which the price will most likely trade towards the $64.00 level in the near term.

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: [email protected]
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