Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Poised To Break $60

Litecoin Price Analysis LTC USD

Litecoin price extended declines and traded close to the $60.00 level against the US Dollar. LTC/USD is likely to decline further and it could even break the $60.00 support.

Key Talking Points

  • Litecoin price failed to recover and declined below the $65.00 support (Data feed of Kraken) against the US Dollar.
  • There is a short-term breakout pattern forming with resistance near $64.00 on the hourly chart of the LTC/USD pair.
  • The pair remains at a risk of more losses below the $61.00 and $60.00 levels in the short term.

Litecoin Price Forecast

Yesterday, we saw heavy declines in litecoin price below the $70.00 level against the US dollar. We discussed that the LTC/USD could extend declines and it may even test the $60.00 level.

Looking at the chart, LTC price extended declines below the $65.00 support levels and traded close to the $60.00 level. A low was formed at $61.06 and the price is currently correcting higher.

Litecoin Price Analysis LTC USD

It recently tested the 23.6% Fib retracement level of the recent drop from the $75.30 high to $61.06 low. However, the price is facing a lot of hurdles near the $64.00 and $65.00 levels.

Moreover, there is a short-term breakout pattern forming with resistance near $64.00 on the hourly chart of the LTC/USD pair. If the price breaks the triangle resistance and moves past $65.00, it may test the next resistance at $68.00.

The stated $68.00 resistance levels represents the 50% Fib retracement level of the recent drop from the $75.30 high to $61.06 low. On the flip side, if the price fails to move higher and breaks the $62.00 support, it could even break the $61.01 low.

The next support is at $60.00, below which, the price may face an increased selling pressure. In the mentioned case, the price could even break the $58.00 support.

To sum up, the current correction wave in litecoin price is likely to face a lot of sellers on the upside near the $64.00, $65.00 and $68.00 levels.

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
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