Litecoin price is trading nicely above the $52.50 support against the US Dollar. LTC/USD looks set to gain bullish momentum above the $54.00 resistance.
Key Talking Points
- Litecoin price is positioned for an upside move above the $52.50 support (Data feed of Kraken) against the US Dollar.
- Yesterday’s highlighted important bullish trend line is intact with support at $52.50 on the hourly chart of the LTC/USD pair.
- LTC price is likely to climb higher in the short term above the $54.00 resistance.
Litecoin Price Forecast
During the past few hours, litecoin price mostly traded in a range above the $52.00 support against the US dollar. The LTC/USD pair may continue to trade in a range and it could rally above the $54.00 resistance.
Looking at the chart, LTC price recently dipped towards the $52.00-52.20 support area. A low was formed near $52.20 and later the price started an upside move.
The price moved above the $53.00 level and the 100 hourly simple moving average. More importantly, there was a break above a connecting bearish trend line with resistance at $52.50 on the hourly chart.
The price seems to be placed for more gains towards the 23.6% Fib retracement level of the recent drop from the $58.00 swing high to $52.20 swing low. If there is an upside break above the $53.50 level, the price will most likely rally above the $54.00 resistance.
The next resistance on the upside is near the 50% Fib retracement level of the recent drop from the $58.00 swing high to $52.20 swing low at $55.14. Finally, the main target for buyers could be near the $56.50 level.
On the downside, the 100 hourly simple moving average is a decent support around the $52.80 level. More importantly, yesterday’s highlighted important bullish trend line is intact with support at $52.50 on the same chart.
Therefore, as long as litecoin price is above the $52.20 and $52.00 support levels, it could soon climb above the $54.00 resistance.
The market data is provided by TradingView.
