Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Testing Important Buy Zone

Litecoin price started a downside correction from the $56.35 high against the US Dollar. LTC/USD is currently trading near important support levels near $52.60.

Key Talking Points

  • Litecoin price formed a short-term top near $56.35 and corrected lower (Data feed of Kraken) against the US Dollar.
  • Yesterday’s highlighted two bullish trend lines with support at $55.10 and $53.60 were breached on the hourly chart of the LTC/USD pair.
  • LTC price is currently trading near a few key support levels near the $52.60 area.

Litecoin Price Forecast

Yesterday, we discussed saw a nice upward move above the $55.00 resistance level in litecoin price against the US dollar. The LTC/USD pair traded as high as $56.35 and later started a downside correction.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price corrected lower and broke the $55.00 and $54.00 support levels. During the decline, there was a break below the $53.80 support and the 100 hourly simple moving average.

Additionally, the price declined below the 76.4% Fib retracement level of the last wave from the $52.70 swing low to $56.35 high. More importantly, yesterday’s highlighted two bullish trend lines with support at $55.10 and $53.60 were breached on the hourly chart of the LTC/USD pair.

The pair traded close to the key $52.60 support and the last swing low. There could be a bounce back, but the price may face sellers near the $53.80 level and the 100 hourly SMA.

It seems like there could be another downside push towards the 1.236 Fib extension level of the last wave from the $52.70 swing low to $56.35 high. Once the current correction wave is complete near the $52.60 or $51.80 support level, the price is likely to bounce back.

The current market sentiment is slightly bearish, but litecoin price remains well supported near the $52.60 and $51.80 levels. On the upside, LTC/USD must break the $54.00 level and settle above the 100 hourly SMA to start a fresh upward move toward the $58.00 and $60.00 levels.

The market data is provided by TradingView.

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: aayushjindal@ethereumworldnews.com
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