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The price of Litecoin rose above the resistance of $ 54.00 before slipping back again under $ 53.50 against the US dollar. LTC / USD could plunge again before an upward move.
Key points of conversation
- The price of Litecoin is currently positioned above the support level of $ 52.50 (Kraken data feed) compared to the US dollar.
- C & # 39; is a short-term contractual triangle formed with support at $ 52.80 on the hourly chart of the LTC / USD pair.
- The LTC price could test the support levels $ 52.50 and $ 52.00 before an upward move.
Pricing of Litecoin prices
There was a nasty upward move in the litecoin price above the resistance level of $ 54.00 compared to the US dollar. The LTC / USD pair passed the $ 56.00 resistance before the sellers appeared near the $ 58.00 level.
Looking at the chart, the LTC price came in first place near $ 58.9 and then started a strong downtrend. The price has declined and has broken support levels $ 56.00 and $ 55.00. The decline was noticeable as the price fell below the $ 54.00 support.
There was an interruption below the Fib retracement level of 61.8% of the last wave from the low of $ 50.85 to that of $ 58.9. However, the losses were protected by the $ 52.50 support and the 100-hour simple moving average.
In addition, the Fib 76.4% retracement level of the last wave from the low of $ 50.85 to $ 58.9 also acted as support. At the moment, the price is trading above the support of $ 52.50 and with a positive bias.
More importantly, there is a short-term contractual triangle formed with support at $ 52.80 on the hourly chart of the LTC / USD pair. The pair is likely to make the next move above $ 54.00 or below $ 52.00.
The current price action indicates that there may be a slight decline towards support of $ 52.00 before the price jumps over resistance levels of $ 53.50 and $ 54.00.
Overall, the litecoin price is placed in a bullish area provided that there is no close under the $ 52.00 support. On the upside, the key resistances are $ 54.00 and $ 56.00.
Market data is provided by TradingView.
