Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Facing Key Resistance Near $58

Litecoin price recovered nicely from the $50.00 support against the US Dollar. LTC/USD is moving higher but it could face sellers near $56.50 and $58.00.

Key Talking Points

·         Litecoin price jumped back above the $52.00 level after testing $50.00 (Data feed of Kraken) against the US Dollar.

·         There is a key bearish trend line in place with resistance at $56.50 on the hourly chart of the LTC/USD pair.

·         LTC price is likely to face a strong resistance near the $56.50 and $58.00 levels.

Litecoin Price Forecast

After a steady decline, litecoin price found support near the $50.50 level against the US dollar. The LTC/USD pair started a solid recovery and moved back above the $52.00 and $54.00 levels.

Litecoin Price Analysis LTC USD

Looking at the chart, LTC price traded as low as $50.50 and later started an upside move. The price broke the $52.00 resistance and the 50% Fib retracement level of the last decline from the $57.91 high to $50.46 swing low.

However, the upside move was capped by the $55.00 level and the 100 hourly simple moving average. Moreover, the 61.8% Fib retracement level of the last decline from the $57.91 high to $50.46 swing low also acted as a resistance.

More importantly, there is a key bearish trend line in place with resistance at $56.50 on the hourly chart of the LTC/USD pair. The pair is currently consolidating below the $56.00 level and it seems like the price may dip a few points.

On the downside, an initial support is near the $53.50 level, below which the price could test the $52.00 support area. On the other hand, a break above the $56.00 resistance and the trend line may push the price towards the $58.00 resistance.

The $58.00 and $60.00 levels are important barriers for buyers and it could continue to prevent gains. Overall, litecoin price may range trade below the $58.00 level before it makes an attempt to clear the $60.00 resistance 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: aayushjindal@ethereumworldnews.com
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