Litecoin price analysis: LTC / USD in preparation for the next break

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 chart the 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.

  Litecoin LTC USD price analysis

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.

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