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Litecoin's price has a key support near the $ 60.00 level against the US dollar. LTC / USD could perhaps recover slowly as long as it is over $ 60.00.
Key Talking Points
- Litecoin's price attempted a minor recovery above the $ 64.00 level, but failed (Kraken data flow) compared to the US dollar. [19659004] C & # 39; is a key expansion triangle formed with resistance near the $ 65.00 level on the hourly chart of the LTC / USD pair.
- The pair may attempt a recovery as long as the bulls keep the support level of $ 60.00 intact.
Litecoin Price Forecast
This week, we have seen sharp declines of well over $ 70.00 at litecoin price compared to the US dollar. The LTC / USD was trading lower and tested significant support near the $ 60.00 level.
Looking at the chart, yesterday the price of the LTC stood at a low level close to $ 61.06 and was subsequently recovered. However, the positives were limited and a new low was created at $ 60.28.
Finally, there was a decent recovery above the $ 64.00 level. The price also moved above the Fib retracement level to 23.6% from the last decline, from $ 75.13 in high to $ 60.28 in low. However, the upward move was limited by the resistance of $ 65.00.
At the moment, there seems to be a key expanding triangle formed with resistance near the $ 65.00 level on the hourly chart of the LTC / USD pair. The pair is currently moving lower and could revisit the $ 62.00 support.
Below this, the last low swing at $ 60.28 is a key support followed by the $ 60.00 level. Below this last, the next key support is close to the $ 56.00 level.
On the upside, if the pair manages to break the $ 65.00 level, it could test the 50% Fibre retracement level of the last decline from $ 75.13 high to $ 60.28 low to $ 67.70. Above this, the price could move towards $ 68.00 and $ 69.00.
Overall, the litecoin price holds the $ 60.00 support area and as long as the bulls are active above $ 60.00, there may be a decent recovery in the short term. [19659008] Market data is provided by TradingView.
