The Litecoin price found support close to $ 55.00 and $ 54.00 compared to the US Dollar. LTC / USD is currently on the rise and resistance from $ 59.00 and $ 60.00 is likely to break out
Key Talking Points
- Litecoin's price is positioned well above the support area $ 55.00 (Kraken Data Feed) compared to the US dollar. [19659005Esisteunalitecomplementofchannelbacksupport$5680collectionoftheLTC/USDcuplet
- The LTC price is gaining upward momentum and could possibly break resistance from $ 58.50 and $ 59.00
Litecoin Price Forecasting
After forming a base close to the level of $ 53.00, the litecoin price rose more slowly and steadily against the US dollar. The LTC / USD broke the resistance of $ 55.00 and stood above $ 55.50.
Looking at the chart, the LTC price is trading with a bullish trend above the $ 56.00 level and the simple 100 hour moving average. The recent low was $ 55.96 and the price moved above the Fib retracement level of 61.8% from the last decline, from $ 58.37 to $ 55.96.
The current hourly candle signals a positive injury above the $ 56.00 level. In addition, the price eliminated the Fib retracement level of 76.4% from the low of $ 58.37 to $ 55.96 low.
Therefore, a break and close above $ 58.37 is very likely in the short term. Beyond this, the price could be traded above the resistance zone of $ 59.00-59.20, which is a crucial barrier.
A successful closing above $ 59.20 and $ 60.00 will likely open the door to further gains in the short term. On the negative side, there are many supports near the $ 57.00 level. It is also a bullish trend line with support of $ 56.80 on the hourly chart of the LTC / USD pair
. Around the support of the trendline, the 100-hour SMA is positioned near the $ 56.85 level. Therefore, the trend line and the $ 58.50 level will likely reduce the decline in litecoin price in the short term.
The general trend is bullish for LTC / USD and the pair is ready to extend gains over $ 58.00.
Market data are provided by TradingView.