Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD’s Rally Gains Pace, Buy Dips

Litecoin price gained bullish momentum and broke the $50.00 and $53.00 resistances against the US Dollar. LTC/USD remains well supported on dips near $52.00.

Key Talking Points

  • Litecoin price traded higher recently and tested the $55.00 zone (Data feed of Kraken) against the US Dollar.
  • There is a connecting bullish trend line in place with support at $51.60 on the hourly chart of the LTC/USD pair.
  • LTC price is currently correcting lower, but dips remain supported near $52.00 and $51.60.

Litecoin Price Forecast

In the last analysis, we discussed that litecoin price could continue to trade higher above $50.00 against the US dollar. The LTC/USD pair gained momentum and broke the $52.00 and $53.00 resistance levels.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price even settled above the $52.00 resistance and the 100 hourly simple moving average. It traded above the $55.00 level and formed a high at $55.78. Later, the price started a downside correction and traded below $54.00.

There was a break below the 50% Fib retracement level of the recent wave from the $50.34 low to $55.78 high. However, there are many supports on the downside near the $52.00 level, which was a resistance earlier.

Moreover, there is a connecting bullish trend line in place with support at $51.60 on the hourly chart of the LTC/USD pair. Above the trend line, the 61.8% Fib retracement level of the recent wave from the $50.34 low to $55.78 high is a decent support near $52.42.

Therefore, if the pair continues to correct lower, it is likely to find a strong support near the $52.00 level. On the upside, an initial resistance is near $54.00, above which the price could revisit the $55.00-55.50 zone.

Overall, litecoin price is back in a positive zone as long as it is above the $52.00 level, there could be more gains. If there is a break below $52.00, there are high chances of an extended slide towards the $50.00 handle 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: aayushjindal@ethereumworldnews.com
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