Litecoin's price did not record earnings above $ 60.00 and fell against the US dollar. The LTC / USD has tested the support area of $ 55.00 and is currently correcting higher.
Key Talking Points
· Litecoin's price found support near the $ 55.00 and $ 55.50 (Kraken data feed) against the US dollar.
· C & # 39; is an uptrend line formed with support for $ 57.00 on the hourly chart of the LTC / USD pair.
· LTC may reject a few points below $ 57.00 before a new upward move in the near term begins.
Litecoin Price Forecast
There was a downward reaction from the level of $ 62.20 to litecoin price compared to the US dollar. The LTC / USD pair declined and broke the $ 60.00 support zone to test the next support for $ 55.00.
Looking at the chartthe LTC price was traded close to the $ 55.00 support and closed at $ 55.31. Later, he corrected higher and broke the Fiber retracement level 23.6% from the low of $ 62.19 at the minimum of $ 55.31.
He also passed the $ 58.00 level and the 100-hour moving average. However, the upward move was limited by the 50% Fibra retracement level of the last decline from $ 62.19 up to $ 55.31 below. It appears that the pair has not been able to break the resistance zone from $ 60.0
At the moment, the price is falling and it is negotiating close to the level of $ 57.50. More importantly, there is an uptrend line formed with support for $ 57.00 on the hourly chart of the LTC / USD pair.
The same trend line coincides with the 100-hour SMA. If there was a break below the trendline and $ 57.00, the price could revisit the $ 55.00 support zone. However, the disadvantages are likely to be limited considering the current technical structure above $ 55.00.
On the upside, the litecoin price (LTC) must move above the resistance area of $ 60.00 to gain bullish momentum. In addition to this, the price is likely to retest the maximum of $ 62.20, which is the next resistance for buyers.
Market data is provided by TradingView.