Litecoin Price Analysis: LTC/USD Likely To Break Downtrend Resistance
Litecoin price is struggling to clear the $58.00-60.00 resistance against the US Dollar. LTC/USD is likely to break the downtrend resistance for more gains towards $65.00.
Key Talking Points
Litecoin price is still holding the $560.00 support area with bearish moves (Data feed of Kraken) against the US Dollar.
This week’s followed crucial bearish trend line is still in place with current resistance at $59.00 on the hourly chart of the LTC/USD pair.
LTC price is likely to break the downtrend resistance at $59.00 and $60.00 for an upward move.
Litecoin Price Forecast
During the past few sessions, there were mostly bearish moves below $60.00 in litecoin price against the US dollar. The LTC/USD pair struggled a lot to break the $59.00 and $60.00 resistance levels.
Looking at the chart, LTC price is still holding the key support area above the $56.00 level. The recent low was formed at $56.50 and later the price started an upside correction.
However, the upside move was capped by the $58.00, $59.00 and $60.00 resistance levels. There was a push above the 23.6% Fib retracement level of the recent decline from the $61.45 swing high to $56.50 swing low.
However, buyers struggled to clear the $59.00 level, resulting in a bearish reaction. Additionally, there was a rejection noted near the 50% Fib retracement level of the recent decline from the $61.45 swing high to $56.50 swing low.
The most important hurdle for buyers is this week’s followed crucial bearish trend line with current resistance at $59.00 on the hourly chart of the LTC/USD pair.
Moreover, the 100 hourly simple moving average is also near the trend line resistance at $58.50. Therefore, if there is an upside break above the trend line and the 100 hourly SMA, there could be more gains in the near term above the $60.00 level.
In the mentioned case, the price is likely to visit the $64.00 and $65.00 levels. On the downside, litecoin price should hold the $56.00 support. If not, there is a risk of more losses towards the $50.00 level.