Litecoin Price Analysis: LTC/USD Dips Remain Well Supported
Litecoin price traded higher and tested the $65.00 level against the US Dollar. LTC/USD is currently correcting lower, but dips remain well supported above $60.00.
Key Talking Points
Litecoin price is placed nicely above the $60.00 and $61.00 support levels (Data feed of Kraken) against the US Dollar.
There was a break below a short-term triangle with support at $63.40 on the hourly chart of the LTC/USD pair.
LTC price is currently correcting lower, but buyers are likely to appear near $61.00 or $60.00.
Litecoin Price Forecast
There was a decent upside move above the $60.00 resistance in litecoin price against the US dollar. The LTC/USD pair traded above the $62.00 and $64.00 levels to move into a bullish zone.
Looking at the chart, LTC price tested the $65.00 resistance and settled above the 100 hourly simple moving average. A new intraday high was formed at $65.45 and later the price started a downside correction.
It declined below the 23.6% Fib retracement level of the last wave from the $56.67 low to $65.45 high. More importantly, there was a break below a short-term triangle with support at $63.40 on the hourly chart of the LTC/USD pair.
If the price continues to move down, there could be a push towards the $61.00 support. It represents the 50% Fib retracement level of the last wave from the $56.67 low to $65.45 high.
If there are more declines, the $60.00 support level is a key barrier for sellers along with the 100 hourly SMA. Once the current correction is complete, the price may well resume its upward move towards the $64.00 and $65.00 levels.
Any further gains above the $65.00 level could accelerate gains towards the $67.00 and $68.00 levels. Overall, litecoin is placed nicely in a positive zone above the $60.00 handle. As long as LTC/USD is above $60.00, buyers could make an attempt to surpass the $65.00 level. Below $60.00, the price will most likely move back into the bearish zone.