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Litecoin's price started a downward correction from $ 64.00 in the US dollar. LTC / USD currently trades well above the $ 60.00 and $ 61.00 support.
Key Talking Points
· Litecoin's price was adjusted after trading up to $ 63.68 (Kraken Data Feed) against the US dollar.
· There are two key trend lines formed with support for $ 60.50 and $ 59.50 on the hourly chart of the LTC / USD pair.
· The LTC price may decrease a few points more than the $ 60.00 and $ 59.50 support.
Litecoin Price Forecast
Yesterday, we saw a nice upward movement above the resistance of $ 60.00 in the litecoin price compared to the US dollar. The LTC / USD traded above the $ 63.00 level and formed a new weekly high for $ 63.68.
Looking at the chart the LTC price started a downward correction from $ 63.68 high and decreased below the $ 62.00 level. There was a break below the 38.2% retracement level of the last wave's $ 56.90 wave oscillating low to $ 63.68 high.
However, the price found support near the $ 60.30 level. It seems that the 50% fiber retracement level of the last wave from the minimum of $ 56.90 to the minimum of $ 63.68 worked as a strong support.
The price has begun trading in a range above the $ 60.30 level and is preparing for the next move. On the downside, there are two key trend lines formed with support for $ 60.50 and $ 59.50 on the hourly chart of the LTC / USD pair.
The second trend line is very important because it coincides with the rotation level of $ 59.20 and the 100 simple moving average hours. Therefore, as long as the price is above the trend line, $ 59.20 and the 100-hour SMA, it remains supported for further gains.
On the upside, there is a bearish trend line in place with resistance at $ 62.50. A break above this could open the door to higher earnings above $ 63.68.
To sum up, the litecoin price remains supported around the $ 60.00 level and any immersion can be seen as a purchase opportunity.
The market data is provided by TradingView.
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