Litecoin Price Analysis: LTC/USD Extends Range Trading
Litecoin price failed to gain momentum above $52.50 and declined against the US Dollar. LTC/USD is currently trading lower towards the range support around $51.00-51.20.
Key Talking Points
Litecoin price is still trading in a range above the $51.00 and $50.00 supports (Data feed of Kraken) against the US Dollar.
There is a new connecting bearish trend line formed with resistance at $52.20 on the hourly chart of the LTC/USD pair.
LTC price remains supported on dips near the $51.40 and $51.00 levels in the near term.
Litecoin Price Forecast
Yesterday, we a decent upside move above the $52.00 level in litecoin price against the US dollar. The LTC/USD pair traded towards the $52.50 level where sellers emerged.
Looking at the chart, LTC price traded nicely above the $52.00 resistance plus the 100 hourly simple moving average. Moreover, the price even surpassed the 50% Fib retracement level of the last slide from the $53.26 high to $51.29 low.
However, the price failed to gain momentum above the $52.50 level. There was also a rejection noted near the 61.8% Fib retracement level of the last slide from the $53.26 high to $51.29 low.
The price declined and moved below the $52.00 level and the 100 hourly SMA. The price still remains supported on dips near the $51.40 and $51.00 levels in the near term. The recent decline extended the range trading above the $51.00 support and possibly delayed the next move.
On the upside, there is a new connecting bearish trend line formed with resistance at $52.20 on the hourly chart of the LTC/USD pair. The pair needs to surpass the trend line to retest the $52.50 level.
Once there is a break above $52.50, litecoin price will most likely climb towards the $53.50 and $54.00 resistance levels. On the downside, buyers are likely to take a stand near the $51.40 and $51.00 support levels. Below $51.00, the next crucial support is positioned near the $50.00 level.