Litecoin Price Analysis: LTC/USD Holding Significant Support
Litecoin price is struggling to move past the $53.50 resistance against the US Dollar. LTC/USD must stay above the $50.00 and $51.00 supports to bounce back.
Key Talking Points
Litecoin price is finding it hard to move past the $53.00 and $53.50 resistances (Data feed of Kraken) against the US Dollar.
There is a major bearish trend line in place with resistance at $52.65 on the hourly chart of the LTC/USD pair.
LTC price must stay above the $51.00 and $50.00 support levels to recover above $54.00.
Litecoin Price Forecast
This past week, we saw a sharp reversal from the $58.00 swing high in litecoin price against the US dollar. The LTC/USD pair started a downside move and declined below the $54.00 support area.
Looking at the chart, LTC price extended decline towards the $50.00 support area and tested the $51.00 zone. A low was formed near $50.97 before the price started a recovery.
The price moved above the $52.60 level and the 100 hourly simple moving average. There was also a break above the 23.6% Fib retracement level of the last slide from the $58.05 high to $50.97 low. However, the price failed to break the $53.00 and $53.50 resistance levels.
There is also a major bearish trend line in place with resistance at $52.65 on the hourly chart of the LTC/USD pair. The pair is currently trading well below the $53.00 level and the 100 hourly SMA.
To start a substantial recovery, the price must break the trend line and the $53.50 resistance. Above these, the price may test the next hurdle near $54.50 and the 50% Fib retracement level of the last slide from the $58.05 high to $50.97 low.
On the downside, there are two important supports near the $51.00 and $50.00 levels. As long as the price is above $50.00, it could start a fresh recovery in the near term.
Overall, the current market sentiment is neutral and litecoin price may continue to trade in a range above $51.00 and $50.00 before the next move.