The price of Litecoin found support near the $ 54.00 level and recovered against the US dollar. LTC / USD is moving higher and looks like it could correct at $ 60.00.
Key Talking Points
· Litecoin's price is slowly recovering from the minimum of $ 54.00 (Kraken Data Feed) against the US dollar.
· C & # 39; is a short-term uptrend channel in place with support for $ 56.00 on the hourly chart of the LTC / USD pair.
· LTC the price may continue to correct higher in the near term towards $ 60.00 or $ 61.65.
Litecoin Price Forecast
Yesterday, we saw an important downward movement below $ 60.00 in the litecoin price compared to the US dollar. The LTC / USD pair even broke the $ 55.00 level and reached a minimum of $ 54.00.
Looking at the chartthe LTC price found support near the $ 54.00 level and subsequently started an upward correction. It has moved above $ 55.00 and $ 56.00 during the recent recovery, but it seems that the price is facing many upside hurdles.
At the moment, the price is trading just above 23.6% Fib retracement level of the last decline from $ 69.30 up to $ 54.00 down. In addition, there is a short-term uptrend channel with support for $ 56.00 on the hourly chart of the LTC / USD pair.
The pair could perhaps slowly rise to the $ 60.00 level, which is likely to act as an obstacle to more gains. If the buyers were able to overcome the resistance of $ 60.00, the price could test the level of $ 61.60. Represents the 50% fiber retracement level of the last decline from $ 69.30 up to $ 54.00 down.
Above this, the $ 62.00 level and the 100-hour simple moving average are important resistances. On the other hand, if the price can not overcome the resistance of $ 60.00 or $ 61.60, it may fall back to the $ 56.00 level.
Overall, the litecoin price is currently showing signs of recovery above the $ 56.00 level. However, it will not be easy for LTC / USD to adjust above the level of $ 60.00 or $ 61.60 shortly
Market data is provided by TradingView.