Litecoin price analysis: LTC / USD may rebound early

Litecoin's price has fallen by some points compared to the support of $ 59.00-60.00 against the US dollar. LTC / USD remains supported above $ 59.00 and may rebound over $ 62.00.

Key Talking Points

  • Litecoin's price extended the downward correction below the $ 60.00 level (Kraken Data Feed) against the US dollar.
  • a significant uptrend line with current support at $ 59.20 on the hourly chart of the LTC / USD pair.
  • The LTC price holds a couple of important supports near the $ 58.50 and $ 59.20 levels.

Litecoin Price Forecast

Yesterday, there was a short-term downward correction initiated by the fluctuating price of $ 63.80 of the litecoin price relative to the US dollar. The LTC / USD pair corrected lower and even spiked under the support of $ 60.00

  Litecoin LTC USD Price Analysis

Looking at the chart, the LTC price declined and broke the $ 60.00 and $ 59.20 support. There was even a break below the Fib retracement level of 61.8% of the last upward movement from the low of $ 56.88 to that of $ 63.80.

However, the losses were protected by the $ 58.50 support and the price returned above the 100-hour moving average. The price is now traded above the Fib retracement level to 23.6% of the recent slide from $ 63.80 low to $ 58.63 low

On the downside, there is a significant trend line bullish with current support for $ 59.20 on the hourly chart of the LTC / USD pair. Below the trendline, the $ 58.50 support area is the last line of defense before the next support at $ 56.00.

On the upside, the price may meet sellers close to the $ 61.20 level and Fibra's 50% retracement level of the recent slide from $ 63.80 to $ 58.63 low. There is also a downtrend line with resistance near the $ 61.60 level.

A break above the resistance of the trend line and $ 62.00 could push the price towards $ 63.00 and $ 64.00 in the short term.

In general, litecoin's price decline was stopped near a crucial support near $ 59.00. Therefore, it could recover in the short term towards the $ 62.00 and $ 64.00 levels.

Market data is provided by TradingView.

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