Litecoin Price Analysis: LTC/USD Rally Could Extend Above $58
Litecoin price is gaining pace above the $54.00 support against the US Dollar. LTC/USD may continue to move higher and it could even break the $58.00 and $60.00 resistances.
Key Talking Points
Litecoin price traded further higher and broke the $56.00 resistance level (Data feed of Kraken) against the US Dollar.
There are two bullish trend lines formed with support at $55.00 and $53.50 on the hourly chart of the LTC/USD pair.
LTC price remains well supported on the downside near the $54.00 and $55.00 levels.
Litecoin Price Forecast
Yesterday, we discussed about more upsides above the $54.00 level in litecoin price against the US dollar. The LTC/USD pair did gain traction and moved above the $55.00 and $56.00 resistance levels.
Looking at the chart, LTC price corrected a few points after testing the $55.80 zone. It declined below the $55.00 level, but losses were protected by the $52.70 support zone. The price formed a base and started a new upward move above the $54.00 resistance.
Buyers gained momentum and the price traded to a new weekly high above the $56.00 resistance. It traded as high as $56.35 with heavy bullish moves above the 100 hourly simple moving average.
At the moment, the price is correcting lower towards the 23.6% Fib retracement level of the recent wave from the $52.69 low to $56.35 high. However, there are many supports on the downside near the $55.00 and $54.00 levels.
Moreover, there are two bullish trend lines formed with support at $55.00 and $53.50 on the hourly chart of the LTC/USD pair. An intermediate support is at $54.10 and the 61.8% Fib retracement level of the recent wave from the $52.69 low to $56.35 high.
Therefore, if the pair dips from the current levels, it could find support near the $55.00 or $54.00 level. Below $54.00, the price may retest the $52.50 support.
Overall, litecoin buyers are in control and it seems like there could be more gains above the $58.00 and $60.00 levels in the near term.