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.
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.