The price of Litecoin is improving and currently exceeds $ 55.00 compared to the US dollar. LTC / USD could break the resistance of $ 58.00 to gain bullish momentum.
Key Talking Points
· The price of Litecoin avoided a bearish break and exceeded $ 55.00 (Kraken Data Feed) compared to the US dollar.
· There is an important contractual triangle formed with resistance near the $ 58.00 level on the hourly chart of the LTC / USD pair.
· LTC could perhaps make the next move above $ 58.00 or under $ 55.00 in the short term.
Litecoin Price Forecast
There was a decent support base formed near $ 50.00 in the litecoin price compared to the US dollar. The LTC / USD pair recovered and surpassed the resistance levels $ 52.00 and $ 55.00.
Looking at the chartthe LTC price was corrected higher and positioned above the rotation level of $ 54.50. There was also a closing above the $ 55.00 level and a simple 100-hour moving average.
More importantly, the price broke the Fib retracement level 50% of the last decline from the $ 61.71 high to $ 49.40 low. However, there is a higher resistance zone formed on the upside near the $ 58.00 and $ 60.00 levels.
In addition, there is an important contractual triangle formed with resistance close to the $ 58.00 level on the hourly chart of the LTC / USD pair. If the price were to break the resistance of the triangle and $ 58.20, there could be further gains.
In the case mentioned, the price could continue to move towards the resistance of $ 60.00. An intermediate resistance approaches the Fib retracement level 76.4% of the last decline from the $ 61.71 high to $ 49.40 low.
However, once the price falls above the $ 58.00 level, it will most likely get a pull towards $ 60.00 and $ 61.70 levels. The downside, if there is a downside break below $ 55.00 and the SMA at 100 hours, the price could go back to $ 52.00.
To sum up, the litecoin price (LTC) is preparing for the next move above $ 58.00 or below $ 55.00 in the short term.
Market data is provided by TradingView.