Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Rally Could Extend Above $58

Litecoin Price Analysis LTC Chart

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.

Litecoin Price Analysis LTC Chart

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.

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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