Litecoin's price rose higher recently towards $ 68.00 compared to the US dollar. LTC / USD is correcting lower, but dives remain supported near $ 63.00
Key Talking Points
- Litecoin's price has gained traction and has moved above the resistance area of $ 65.00 (Kraken data feed) compared to the US dollar.
- an uptrend line formed with the current support at $ 63.30 on the hourly chart of the LTC / USD pair.
- The LTC price could correct lower in the short term, but buyers could appear close to $ 64.00 and $ 63.00.
Recently, there was a nice upward move from the low of $ 60 to the litecoin price compared to the US dollar. The LTC / USD pair traded higher and broke the $ 65.00 and $ 66.00 resistance levels
Looking at the chart, the LTC price even broke the level of $ 67.00 and stood at $ 67.71. Subsequently, the price started a downward correction and traded below the $ 66.00 level.
There was also a break below the 23.6% retracement level of the last wave from the low of $ 58.66 to $ 67.71. It is currently trading below the $ 65.00 level, but there are many negative media near the $ 64.00 and $ 63.00 levels.
More importantly, there is an uptrend line formed with current support at $ 63.30 on the hourly chart of the LTC / USD pair. The same trend line coincides with the 50% fiber retracement level of the last wave from a minimum of $ 58.66 to $ 67.71.
Finally, the 100-hour moving average is also close to the $ 63.00 level. Therefore, if the price corrects lower, it is likely that you find a support near the levels of $ 63.50 and $ 63.00. Below the trendline, the price may be reduced to $ 60.00 support.
If the price rebound from the support area of $ 63.00, it could still exceed $ 65.00 to test the $ 67.00 and $ 68.00.
Overall, litecoin the price is placed well in a positive zone above the $ 63.00 level. The short term purchase can be considered as long as there are no closures below $ 62.00 and 100 SMA.
Market data is provided by TradingView.