The price of Litecoin is in an uptrend higher than the support of $ 52.00 compared to the US dollar. LTC / USD could rebound early on the resistance from $ 54.00 and $ 55.00.
Key points of conversation
- The price of Litecoin was corrected after trading up to $ 55.81 (Kraken Data Feed) against the US dollar.
- Yesterday's key bullish trend line is intact with support at $ 52.40 on the hourly chart of the LTC / USD pair.
- The LTC price could rebound again as long as it is above the support level of $ 52.00.
Pricing of Litecoin prices
Yesterday we witnessed a fair upward move of the litecoin price above the resistance of $ 52.00 compared to the US dollar. The LTC / USD has even broken resistance by $ 55.00 before starting a downward correction.
Looking at the chart, the LTC price was traded recently at $ 55.81 and was subsequently corrected lower. It went down and broke the $ 54.00 level and the 23.6% fiber retracement level of the last upward wave from $ 50.28 down to $ 55.81 up.
However, the price found a decent support near the $ 53.00 level and the 50% Fiber retracement level of the last upward wave from $ 50.28 down to $ 55.81 up.
In addition, yesterday's key bullish trend line is intact with support at $ 52.40 on the hourly chart of the LTC / USD pair. Under the support of the trendline, the $ 52.00 level is strong support along with the 100-hour moving average.
If there is a bearish break below the trendline, 100 SMA and the $ 52.00 support, there may be an extended downward correction towards the $ 50.00 support.
On the other hand, as long as the price exceeds the $ 52.00 support and the 100-hour SMA, buyers are likely to take control. In the case mentioned, the price will most likely exceed the resistance levels of $ 54.00 and $ 55.00.
Therefore, the purchase of drops may be considered provided that the price of litecoin is placed above the support of $ 52.00 and the SMA at 100 hours. On the upside, the levels of $ 55.00 and $ 58.00 could be targets for buyers.
Market data is provided by TradingView.