Litecoin price analysis: LTC / USD in net inversion above $ 55

Litecoin's price formed a strong support at $ 53.00 and recovered sharply against the US dollar. LTC / USD is trading above $ 55.00 with positive signals

Key Talking Points

  • Litecoin's price has formed a decent support near the $ 53.00 level and has risen higher (data feeds of Kraken) compared to the US dollar.
  • the key bearish trend line has been exceeded with resistance to $ 55.20 on the hourly chart of the LTC / USD pair.
  • The LTC price rose to the $ 60.00 level where sellers appeared and protected more earnings.

Litecoin Price Forecast

significant downward movement, the litecoin price found support close to the levels of $ 53.00 and $ 53.10 compared to the US dollar. The LTC / USD pair avoided a bearish break and started a bullish move above $ 55.00.

  Litecoin LTC USD Price Analysis

Looking at the chart, the LTC price found a strong buying interest above the $ 53.00 level, resulting in a shift to the high. The price gained traction and exceeded the resistance of $ 55.00 plus the simple moving average at 100 hours.

The price even broke the Fib retracement level 50% from the last fall from $ 62.18 up to $ 53.22 below. More importantly, yesterday's key bearish trend line was outstripped with resistance to $ 55.20 on the hourly chart of the LTC / USD pair.

The pair traded near the $ 60.00 resistance in which sellers emerged. Furthermore, the 61.8% Fib retracement level of the last decline from the minimum of $ 62.18 to the minimum of $ 53.22 also acted as a solid resistance.

At the moment, the price is withdrawing and is trading near the $ 58.00 level. If the price continues to fall, the $ 56.50 support is likely to serve as a buying zone along with 100-hour SMA.

On the upside, the $ 60.00 level is a strong resistance, beyond which the price is likely to resume the last high swing near the $ 62.00 zone. In the short term, there may be a bearish move, but the levels of $ 57.00 and $ 56.50 will probably act as support.

Overall, the litecoin price (LTC) reversed losses and returned to a positive zone above the $ 56.50 level. [19659010] Market data is provided by TradingView.

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