Litecoin News

Litecoin Price Analysis LTCUSD Testing Crucial Support

Litecoin price surged higher recently and moved above $60 against the US Dollar. LTC/USD is currently correcting lower and testing a major support at $62.00.

Key Talking Points

  • Litecoin price gained pace during the past few days and settled above $60.00 against the US Dollar.
  • There is a crucial bullish trend line with support at $62.00 forming on the hourly chart of LTC/USD.
  • The pair is currently trading near the trend line support and remains in an uptrend above $60.00.

Litecoin Price Forecast

There was a nice upside move from the $48.00 swing low in Litecoin price against the US Dollar. The price broke many resistances on the way up such as $50.00, $55.00 and $60.00, and formed a new monthly high at $69.64.

Later, a correction wave was initiated and the price moved below the 38.2% Fib retracement level of the last wave from the $55.00 low to $69.64 high. However, the downside move was protected by a crucial bullish trend line with support at $62.00 on the hourly chart of LTC/USD (data feed of Kraken exchange).

Litecoin price surged higher recently and moved above $60 against the US Dollar. LTC/USD is currently correcting lower and testing a major support at $62.00.  Key Talking Points  Litecoin price gained pace during the past few days and settled above $60.00 against the US Dollar. There is a crucial bullish trend line with support at $62.00 forming on the hourly chart of LTC/USD. The pair is currently trading near the trend line support and remains in an uptrend above $60.00. Litecoin Price Forecast There was a nice upside move from the $48.00 swing low in Litecoin price against the US Dollar. The price broke many resistances on the way up such as $50.00, $55.00 and $60.00, and formed a new monthly high at $69.64.  Later, a correction wave was initiated and the price moved below the 38.2% Fib retracement level of the last wave from the $55.00 low to $69.64 high. However, the downside move was protected by a crucial bullish trend line with support at $62.00 on the hourly chart of LTC/USD (data feed of Kraken exchange).  Moreover, the 50% Fib retracement level of the last wave from the $55.00 low to $69.64 high is also acting as a support near $62.35. Therefore, the $62.00 support zone is significant and must hold the current decline.  Below $62.00, the pair could even test the 61.8% Fib retracement level of the last wave from the $55.00 low to $69.64 high at $60.66. The mentioned $60.66 support is also close to the 100 hourly simple moving average.  As long as the pair is above the $60.00 handle, it remains in an uptrend. It will most likely resume its uptrend and trade back towards $64.00. Above $64.00, the pair would look to test the $68.00 resistance zone.  The hourly RSI for LTC/USD is currently below the 50 level, but stable. The MACD is showing a few bearish signs with a divergence. To sum up, it all depends on the $62.00 and $60.00 support levels in the short term.    Trade safe traders and do not overtrade!

Moreover, the 50% Fib retracement level of the last wave from the $55.00 low to $69.64 high is also acting as a support near $62.35. Therefore, the $62.00 support zone is significant and must hold the current decline.

Below $62.00, the pair could even test the 61.8% Fib retracement level of the last wave from the $55.00 low to $69.64 high at $60.66. The mentioned $60.66 support is also close to the 100 hourly simple moving average.

As long as the pair is above the $60.00 handle, it remains in an uptrend. It will most likely resume its uptrend and trade back towards $64.00. Above $64.00, the pair would look to test the $68.00 resistance zone.

The hourly RSI for LTC/USD is currently below the 50 level, but stable. The MACD is showing a few bearish signs with a divergence. To sum up, it all depends on the $62.00 and $60.00 support levels in the short term.

Trade safe traders and do not overtrade!

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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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