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Litecoin's price increased further and broke resistance of $ 54.50 against the US dollar. LTC / USD may correct lower, but the interrupted resistance at $ 52.00 could contain losses.
Key Talking Points
- The price of Litecoin rose further and managed to exceed $ 54.00 and $ 55.00 (Kraken Data Feed) compared to the US Dollar.
- The important bearish trend line highlighted yesterday was surpassed with resistance to $ 53.70 on the hourly chart of the LTC / USD pair.
- The LTC price is now positioned well above the $ 52.00 support and the 100-hour moving average.
Litecoin Price Forecast
Yesterday, we saw a good recovery above the resistance of $ 51.00 in the litecoin price compared to the US dollar. The LTC / USD pair may have faded, but the price of Ethereum and the recovery in prices helped keep earnings above $ 51.00.
Looking at the chart, the LTC price rose further and managed to move above the resistance levels $ 54.00 and $ 55.00. There was also a break above the Fib retracement level of 61.8% of the last decline from the minimum of $ 56.55 to a minimum of $ 47.00
. On the upside, the major bearish trend line highlighted yesterday was topped off with resistance at $ 53.70 on the hourly chart of the LTC / USD pair. It opened its doors for further gains and the price stabilized above the $ 52.00 support and the simple 100-hour moving average.
It has reached $ 55.76 and is consolidating gains. Initial bearish support is close to the 23.6% retracement level of the recent wave, from $ 47.98 to $ 55.76.
Under the support of $ 53.70, the broken trend line and the 100-hour SMA could act as a support zone. The most important downside support is close to the $ 51.85 level, which was once a resistance. Furthermore, the 50% retracement level of recent wave fiber from the minimum of $ 47.98 to that of $ 55.76 is $ 51.42 to serve as support.
As long as the litecoin price is traded above the support zone of $ 51.50, it remains in a positive zone for a push towards the $ 57.00 and $ 59.00 levels. Otherwise, you could go back to the $ 50.00 level.
Market data is provided by TradingView.
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