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Litecoin's price extended its gains and stabilized above the $ 60.00 support against the US dollar. LTC / USD remains well supported on dips close to $ 60.00 and $ 59.00.
Key Talking Points
· The price of Litecoin was traded far beyond and broke the resistance level of $ 62.00 (Kraken Data Feed) against the US Dollar.
· There is a bullish trend line with support for $ 59.20 on the hourly chart of the LTC / USD pair.
· LTC price maybe correct some points, but the dives remain supported near $ 60.00 and $ 59.00.
Litecoin Price Forecast
There was a positive technical development for the litecoin price after it was settled above the $ 60.00 support against the US dollar. The LTC / USD pair extended gains and exceeded $ 62.00 and $ 63.00.
Looking at the chart the LTC price was traded well above the $ 60.00 support plus the simple moving average every 100 hours. It exceeded $ 63.68 before starting a downward correction.
The price has fallen below the 23.6% Fib retracement level of the recent upward movement from $ 56.92 down to $ 63.68 up. It seems that the price is approaching the support area of $ 61.00, which was previously a resistance.
Below $ 61.00, the next major support is close to the $ 60.00 level from the Fibre 50% retracement level of the recent rise from the $ 56.92 low to $ 63.68 high is placed near the $ 60.30 level.
More importantly, there is an uptrend line in place with support for $ 59.20 on the hourly chart of the LTC / USD pair. Support for the trend line above $ 59.00 is very important as it coincides with the 100-hour SMA.
Therefore, only a closing below the $ 59.00 level and the 100-hour SMA could open the door to further decreases in the short term. On the other hand, if the price rebounds after testing the $ 60.00 support, you may well retest the $ 63.00 level.
Overall, the current structure is positive for the litecoin price and remains well supported near $ 60.00 and $ 59.00.
Market data are provided by TradingView.
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