Litecoin price is slowly and steadily rising from the $56.00 support against the US Dollar. LTC/USD may soon accelerate gains above the $60.00 resistance.
Key Talking Points
Litecoin price is moving higher towards the $60.00 resistance level (Data feed of Kraken) against the US Dollar.
Yesterday’s highlighted bearish trend line was breached with resistance at $57.80 on the hourly chart of the LTC/USD pair.
LTC price looks set to break the $59.50 and $60.00 resistance levels in the near term.
Litecoin Price Forecast
Yesterday, we discussed that litecoin price could break higher above the $58.00 resistance against the US dollar. The LTC/USD pair did move higher from the $56.50 support level and broke the $58.00 resistance.
Looking at the chart, LTC price gained traction and it was able to clear the 50% Fib retracement level of the last decline from the $61.50 high to $56.60 swing low. Moreover, there was a close above the $58.00 level and the 100 hourly simple moving average.
The price even spiked above the $59.00 level and traded close to the $60.00 resistance. More importantly, yesterday’s highlighted bearish trend line was breached with resistance at $57.80 on the hourly chart of the LTC/USD pair.
The pair traded as high as $59.67 and it is currently correcting lower. It is testing the 23.6% Fib retracement level of the last wave from the $56.58 low to $59.67 high.
However, the main support on the downside is near the $58.00 level and the 100 hourly SMA. Moreover, the 50% Fib retracement level of the last wave from the $56.58 low to $59.67 high is also near the $58.00 level.
Therefore, if the price continues to move down, it is likely to find a strong support near the $58.00 level. On the upside, an initial resistance is at $59.50, above which the price needs to clear the $60.00 resistance.
At the outset, the current price action is positive and it indicates that litecoin could accelerate higher above $60.00 in the near term.