Litecoin's price is forming solid support above $ 54.00 compared to the US dollar. LTC / USD is likely to extend gains above $ 60.00 in the short term.
Key Talking Points
- Litecoin's price remained above the $ 53.00 and $ 54.00 support levels (Kraken data feed) compared to the US dollar.
- a bearish trend line in place with resistance at $ 57.70 on the hourly chart of the LTC / USD pair.
- The LTC price must break the resistance of $ 58.00 to increase the step above the $ 60.00 level in the short term.
Litecoin Price Forecast
There was a good price action above the minimum of $ 53.00 in the litecoin price compared to the US dollar. The LTC / USD pair remained above the $ 53.00 and $ 54.00 support levels, which is a positive sign.
Looking at the chart, the LTC price attempted to clear the $ 54.00 level on some occasions, but buyers managed to defend more losses. As a result, there was a slight upward push and the price moved above $ 55.00 and $ 56.00.
There was also a break above the Fib retracement level of 23.6% of the last decline from the low of $ 62.20 fluctuating to $ 53.10 low oscillating. However, the current wave is prevented close to the levels of $ 57.70 and $ 58.00.
There is also a downtrend line in place with resistance at $ 57.70 on the hourly chart of the LTC / USD pair. The trend line coincides with the 50% fiber retracement level of the last decline, from the low of $ 62.20 to $ 53.10 low oscillating
Therefore, once the price breaks the line of trend and resistance of $ 58.00, there may be further gains in the near term. On the downside, the $ 55.00 level is an initial support. Below this, there is a trend line formed with the current support at $ 54.00.
In addition, the latest low swing near $ 53.10 is also a key support. As long as the price is higher than these supports, the price of Litecoin is likely to go up in the short term above the $ 60.00 level.
Market data is provided by TradingView.