Litecoin's price remained well above the $ 64.50 level against the US dollar. LTC / USD is likely to extend gains above the recent high to $ 67.50 in the short term.
Key Talking Points
- The price of Litecoin has declined recently, but has found a decent support near $ 64.50 (Kraken Data Feed) against the US Dollar.
- The key bullish trend line highlighted yesterday is intact with the current $ 64.80 support on the hourly chart of the LTC / USD pair.
- The LTC price is preparing for the next move and could break the $ 67.50 zone for further gains.
Yesterday, there was a slight downward movement below $ 66.00 in the litecoin price compared to the US dollar. The LTC / USD pair traded below the $ 65.00 level, but the $ 64.50 support area provided strong support
Looking at the chart, the LTC price fell and traded at $ 64.17. Subsequently, the price began to consolidate losses and exceeded the support of $ 64.50. He moved slowly higher and broke the $ 65.00 and $ 66.00 resistance levels.
It traded at $ 67.25 and currently corrects lower. It surpassed the 23.6% Fibra retracement level of the last stage from the minimum of $ 64.17 to $ 67.25. However, the $ 65.70 level worked as support and prevented further losses.
It appears that the 50% Fibra retracement level of the last stage from the minimum of $ 64.17 to $ 67.25 has worked as support. If the price slips further, you could test the $ 65.00 support. More importantly, yesterday's key bullish trend line is intact with current support at $ 64.80 on the hourly chart of the LTC / USD pair.
The same trend line is positioned with the simple 100-hour moving average at $ 64.30. Therefore, if the price falls from current levels, the $ 64.50-80 zone will probably act as a strong support.
Once the current correction is completed, the litecoin price is likely to trade above the $ 67.00 and $ 67.25 levels in the near term. Finally, it could also attempt to exceed $ 68.00 to set a new weekly maximum.
Market data is provided by TradingView.