Litecoin price is trading nicely above the $60.00 support against the US Dollar. LTC/USD seems to be preparing for an upside break towards $65.00 in the near term.
Key Talking Points
- Litecoin price is gaining momentum after forming a decent support at $59.00 (Data feed of Kraken) against the US Dollar.
- The LTC/USD pair is currently attempting an upside break above a key bearish trend line with resistance at $61.00 on the hourly chart.
- LTC price is likely to accelerate gains above the $62.00 and $64.00 resistances in the near term.
Litecoin Price Forecast
There seems to be a decent support base formed above the $59.00 level in litecoin price against the US dollar. The LTC/USD pair is currently trading above the $60.00 level and it could continue to move higher.
Looking at the chart, LTC price tested the $59.00 support recently and started a fresh upward move. It broke the 23.6% Fib retracement level of the recent slide from the $65.50 swing high to $58.85 low.
It opened the doors for more gains and the price traded above the $61.00 level and the 100 hourly simple moving average. Moreover, the LTC/USD pair is currently attempting an upside break above a key bearish trend line with resistance at $61.00 on the same chart.
If the price stays above the trend line, $60.00, and the 100 hourly SMA, it could continue to move higher. The next resistance is around the $62.15 level. It represents the 50% Fib retracement level of the recent slide from the $65.50 swing high to $58.85 low.
If the price gains traction above the $62.15 level, the next stop for buyers could be $64.70. Above this last, the price will most likely trade above the $65.00 level. The final target for the current wave may well be $66.00.
To sum up, litecoin price is placed nicely above the $59.00 support. As long as LTC is above the 100 SMA, buyers are likely to push the price above the $64.00 level.
The market data is provided by TradingView.