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Litecoin's price was traded at $ 52.00 and found support against the US dollar. LTC / USD is recovering, but it is likely to face upward obstacles.
Key Talking Points
- Litecoin's price is under pressure below the resistance of $ 59.50 and $ 60.00 (Kraken data feed) compared to the US dollar. [19659004] C & # 39; is a key bearish trend line in place with resistance at $ 56.00 on the hourly chart of the LTC / USD pair.
- The LTC price could trade in an interval for some time before it could recover above the $ 57.00 level.
Litecoin Price Forecast
Last week there were heavy downturns below the $ 65.00 and $ 60.00 litecoin price support compared to the US dollar. The LTC / USD pair traded below the $ 55.00 support before buyers appeared close to $ 52.00.
Looking at the chart, the LTC price was trading at $ 51.85 and thereafter started an upward recovery. It exceeded the levels of $ 53.00 and $ 54.00. Also, there was a break above the 50% Fiber Retracement level of the last slide from $ 58.40 up to $ 51.85 below.
However, the upward move was limited by the $ 57.00 resistance band and the 100-hour simple moving average. More importantly, the price failed to exceed the Fib retracement level at 61.8% of the last slide from the minimum of $ 58,40 to $ 51.85 minimum.
There is also a bearish trend line in place with resistance at $ 56.00 on the hourly chart of the LTC / USD pair. A break above the trend line, $ 57.00 and the 100-hour SMA is required for buyers to push the price back towards the resistance levels $ 59.50 and $ 60.00.
On the other hand, if buyers fail to push the price above the $ 57.00 level, they could revisit the $ 52.00 support zone. Below $ 52.00, the price can also test the $ 50.00 level in the short term.
Overall, the litecoin price is under a lot of pressure and all major recoveries could encounter obstacles around $ 57.00 and $ 60.00 resistance levels. Only a close above $ 60.00 could push the price into a positive zone.
Market data is provided by TradingView.
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