Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Pointing Bullish Signs

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.

Litecoin Price Analysis LTC Chart

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.

The market data is provided by TradingView.

Aayush Jindal
About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets Reach Aayush via email: [email protected]
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