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.
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.