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Litecoin price analysis: LTC / USD could extend gains

Litecoin's price is well above the $ 55.00 level against the US dollar. LTC / USD may continue to move higher towards $ 59.00 and $ 60.00.

Key Talking Points

  • The price of Litecoin recorded a more recent rise and broke the resistance of $ 55.00 (Kraken data feed) compared to the US dollar.
  • There was a break above an important bearish trend line with resistance at $ 55.80 on the hourly chart of the LTC / USD pair.
  • The LTC price may perhaps continue to rise towards the short term $ 60.00 resistance zone.

Litecoin Price Forecast [19659007] There was a slow and steady increase started from the low price of $ 52.00 in the litecoin price compared to the US dollar. The LTC / USD pair has exceeded the resistance levels $ 54.00 and $ 55.00 to enter a bullish zone.

  Litecoin LTC USD Price Analysis

Looking at the chart, the LTC price gained traction above the $ 54.00 level and the simple move every 100 hours average. It also zeroed the fiber retracement level of 61.8% of the last slide from the low of $ 58.50 to $ 50.47.

More importantly, there was a break above an important bearish trend line with resistance at $ 55.80 on the hourly chart of the LTC / USD pair. The pair traded up to $ 57.33 and is currently correcting lower.

Initial support is close to the Fib retracement level of 23.6% of the last wave from the low of $ 53.37 to $ 57.33 maximum. Below this, the broken trend line near the $ 55.80 level will probably act as a support. Finally, the $ 55.00 level could provide support.

The latest defense approaches the $ 54.00 level and the 100-hour SMA, which is close to the Fib retracement level from 11.4% of the last wave. Overall, the price remains well supported on drops close to $ 55.00 and $ 54.00.

On the upside, a break above $ 57.33 could require a drag towards the $ 59.00 resistance. The next hurdle for buyers is close to the $ 60.00 level, above which the price will probably be traded towards the $ 64.00 short level

Market data is provided by TradingView .

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