Litecoin's price recovered well from the $ 50.00 support against the US dollar. LTC / USD is moving higher, but may face sellers close to $ 56.50 and $ 58.00
Key Talking Points
· The price of Litecoin has risen above the level of $ 52 , 00 after testing $ 50.00 (Kraken Data Feed) against the US dollar.
· C & # 39; is a bearish trend line in place with resistance at $ 56.50 on the hourly chart of the LTC / USD pair.
· LTC price is likely to face strong resistance near the levels of $ 56.50 and $ 58.00.
Litecoin Price Forecast
After a steady decline, the litecoin price found support close to the $ 50.50 level against the US dollar. The LTC / USD pair started a solid recovery and surpassed $ 52.00 and $ 54.00.
Looking at the chartthe LTC price was trading at $ 50.50 and beyond started an upward move. The price broke the resistance of $ 52.00 and the 50% fiber retracement level of the last decline from the $ 57.91 high to $ 50.46 in low fluctuation.
However, the upward move was limited by the $ 55.00 level and the 100-hour moving average. Furthermore, the 61.8% retracement level of Fib of the last decline from the low of $ 57.71 to the minimum of $ 50.46 also acted as resistance.
More importantly, there is a bearish trend line in place with resistance at $ 56.50 on the hourly chart of the LTC / USD pair. The pair is consolidating below the $ 56.00 level and it seems that the price can reduce some points.
On the downside, initial support is close to the $ 53.50 level, below which the price could test the $ 52.00 support area. On the other hand, a break above the resistance of $ 56.00 and the trend line could push the price towards the resistance of $ 58.00.
The levels of $ 58.00 and $ 60.00 are important barriers for buyers and could continue to prevent gains. Overall, the litecoin price may fluctuate below the $ 58.00 level before attempting to cancel the $ 60.00 resistance in the near term.
Market data is provided by TradingView.