Litecoin price gained momentum and broke the $59.00 and $60.00 resistances against the US Dollar. LTC/USD may correct a few points, but it remains supported.
Key Talking Points
· Litecoin price was able to climb higher above the $59.00 and $60.00 resistances (Data feed of Kraken) against the US Dollar.
· There are two important bullish trend lines formed with supports at $58.00 and $57.50 on the hourly chart of the LTC/USD pair.
· LTC price traded as high as $61.00 and it is currently consolidating gains.
Litecoin Price Forecast
Yesterday, we discussed a possible upside move above $58.00 in litecoin price against the US dollar. The LTC/USD pair started a nice bullish wave and broke many resistances like $58.00 and $60.00.
Looking at the chart, LTC price traded with a bullish angle from the $55.99 swing low and traded sharply higher. There was also a close above the $58.00 resistance and the 100 hourly simple moving average.
The most important move was above the $60.00 pivot level and later the price traded as high as $61.00. Later, the price started consolidating gains near the $60.00 level. An initial support is the 23.6% Fib retracement level of the recent wave from the $55.99 low to $61.00 high.
Below the 23.6% fib level, the broken resistance near $59.20 is the next support. More importantly, there are two important bullish trend lines formed with supports at $58.00 and $57.50 on the hourly chart of the LTC/USD pair.
The first trend line coincides with the 50% Fib retracement level of the recent wave from the $55.99 low to $61.00 high. However, the most important support is near the $57.00 zone and the 100 hourly SMA.
Therefore, if the price corrects lower from the current levels, it is likely to find support near the $58.00 and $57.50 levels. Once the current consolidating and correction is complete, the price could resume its upside move above the $61.00 level.
The next major resistance for litecoin price is near the $64.00 level followed by $65.00.
The market data is provided by TradingView.