Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Eyeing Upside Break

Litecoin price formed a decent support base near the $51.00 level against the US Dollar. LTC/USD may perhaps break the $51.80-52.00 resistance zone in the near term.

Key Talking Points

  • Litecoin price is holding the important $51.00 support area (Data feed of Kraken) against the US Dollar.
  • There is a crucial bearish trend line in place with resistance at $51.50 on the hourly chart of the LTC/USD pair.
  • LTC price is likely to break the $51.50 and $52.00 resistance levels to climb higher in the near term.

Litecoin Price Forecast

This past week, we mostly saw ranging moves with a bearish angle below the $53.00 level in litecoin price against the US dollar. The LTC/USD pair tested the $51.00 level on a few occasions and formed a decent support above $50.00.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price recently traded as low as $51.18 and it is trading below the 100 hourly simple moving average. The current price action indicates a minor upward move above the $51.50 level.

The price already breached the 23.6% Fib retracement level of the recent decline from the $52.28 high to $51.18 low. However, there is a strong resistance near the $51.60 level and the 100 hourly SMA.

Moreover, there is a crucial bearish trend line in place with resistance at $51.50 on the hourly chart of the LTC/USD pair. Above the trend line, the next resistance is near the 61.8% Fib retracement level of the recent decline from the $52.28 high to $51.18 low at $51.86.

If there is a break above the $51.86 resistance, the price is likely to surpass the $52.00 level. In the mentioned case, the price could even test the key $53.00 resistance level.

On the downside, the $51.10 and $51.00 levels are important supports. Below these, litecoin price may attempt to decline below the $50.00 support area. Overall, LTC/USD is trading in a range and as long as it is trading above the $50.00 handle, it is likely to break to the upside.

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: aayushjindal@ethereumworldnews.com
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