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.
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.  Market data is provided by TradingView.