The price of Litecoin has declined and has reduced its earnings above $ 55.00 compared to the US dollar. LTC / USD is under pressure and may continue to operate in a range above $ 53.00.
Key Talking Points
- The price of Litecoin was subjected to renewed pressure and fell below $ 57.00 (Kraken Data Feed) against the US dollar.  There was a break below a key linking the uptrend line with support to $ 56.20 on the hourly chart of the LTC / USD pair.
- The LTC price fell below the support level of $ 55.00 and formed a new intra-day low of $ 53.88.
Litecoin Price Forecast
There was a top format near the $ 59.27 level of litecoin price against the US dollar. The LTC / USD pair cut off most of its earnings and fell below $ 57.00 and $ 55.00.
Looking at the chart, the LTC price is almost traded near the last low oscillating near $ 53.10. Buyers defended losses near the $ 53.80 level and a low was $ 53.88. Thereafter, the price started upward and surpassed the Fib retracement level to 23.6% from the last decline from $ 59.27 upwards to $ 53.88 below.
However, there are many upside obstacles near the $ 56.00 zone. Beyond this, the price could move towards the $ 56.50 level, which is the 50% fiber retracement level of the last decline from $ 59.27 up to $ 53.88 down.
The 100-hour moving average is also near the $ 56.50 level. If buyers can push the price above the $ 56.50 level, there may be a resistance zone test $ 59.00 and $ 60.00.
On the other hand, if the price fails to exceed the $ 56.00 and $ 56.50 levels, there may be a new bearish move. On the downside, the recent low near $ 53.80 is a decent support, below which the price is likely to put a strain on the $ 53.00 support.
Overall, it appears that the price of Litecoin can continue to operate in a range above the $ 53.00 support and is a possibility of LTC / USD rising towards $ 60.00 in the short term.
Market data is provided by TradingView.