The price of Litecoin gained momentum and broke the resistance from $ 59.00 and $ 60.00 against the US dollar. LTC / USD may correct some points but remains supported.
Key Talking Points
· The price of Litecoin was able to rise higher than the resistance from $ 59.00 and $ 60.00 (Kraken Data Feed) against the US dollar.
· There are two important uptrend lines formed with supports at $ 58.00 and $ 57.50 on the hourly chart of the LTC / USD pair.
· LTC price traded as high as $ 61.00 and is consolidating gains.
Litecoin Price Forecast
Yesterday, we discussed a possible upward movement above $ 58.00 in the litecoin price compared to the US dollar. The LTC / USD pair started a bullish wave and broke many resistances like $ 58.00 and $ 60.00.
Looking at the chartthe LTC price traded at a bullish angle from $ 55.99 fluctuates low and trades significantly higher. There was also a close above the resistance of $ 58.00 and the 100-hour moving average.
The most important move was higher than the $ 60.00 rotation level and subsequently the price was traded at $ 61.00. Subsequently, the price began to consolidate gains close to the $ 60.00 level. An initial support is the 23.6% fiber retracement level of the recent wave from a minimum of $ 55.99 to that of $ 61.00.
Below the margin level of 23.6%, the broken resistance near $ 59.20 is the next support. More importantly, there are two important uptrend lines formed with supports at $ 58.00 and $ 57.50 on the hourly chart of the LTC / USD pair.
The first trend line coincides with the 50% retracement level of recent wave fiber from $ 55.99 low to $ 61.00 high. However, the most important support is close to the $ 57.00 zone and the 100-hour SMA.
Therefore, if the price corrects lower than current levels, it is likely to find support near the $ 58.00 and $ 57.50 levels. Once the current consolidation and correction are completed, the price may resume the upward movement above the $ 61.00 level.
The next major resistance for the litecoin price is close to the $ 64.00 level followed by $ 65.00.
Market data is provided by TradingView.