Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Extends Range Trading

Litecoin price failed to move above the $60.00 resistance and declined against the US Dollar. LTC/USD is moving lower towards the $56.50 support level.

Key Talking Points

  • Litecoin price struggled to gain momentum above the $59.50 and $60.00 levels (Data feed of Kraken) against the US Dollar.
  • There is a short-term declining channel in place with support at $57.50 on the hourly chart of the LTC/USD pair.
  • LTC price may continue to move down towards the $56.50 and $56.00 support levels before higher.

Litecoin Price Forecast

There was another attempt to break the $59.50 and $60.00 resistance levels by litecoin price against the US dollar. The LTC/USD pair failed to break the $60.00 hurdle and started a short-term downside move.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price seems to be trading in a range between the $56.00 and $60.00 levels. The price is currently moving lower and it broke the 50% Fib retracement level of the last wave from the $56.60 swing low to $59.70 high.

Moreover, there was a break below the $58.00 level and the 100 hourly simple moving average. The price is currently attempting to break a short-term declining channel with support at $57.50 on the hourly chart of the LTC/USD pair.

If there is a break below the $57.50 level and the 76.4% Fib retracement level of the last wave from the $56.60 swing low to $59.70 high, there could be more losses.

In the mentioned case, the price could revisit the $56.50 support level, below which the next major support is at $56.00. It seems like the price may continue to range trade in the coming sessions above the $56.50 support before buyers appear.

Having said that, litecoin buyers need to take control above the $59.00 and $60.00 resistance levels to push the price back in a bullish zone. Above $60.00, the price will most likely accelerate gains towards the $65.00 or $70.00 levels.

On the downside, a break below $56.00 could put a lot of pressure on LTC/USD 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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