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Price analysis of Litecoin: LTC / USD can support $ 56?

The price of Litecoin failed to remain above $ 60.00 and recorded a sharp decline against the US dollar. LTC / USD is currently at risk of further losses below the $ 56.00 support.

Key points of conversation

  • The price of Litecoin has recently undergone strong sales pressure and has shrunk below the $ 59.00 (Kraken Data Feed) compared to the US dollar.
  • The LTC / USD pair went bankrupt near a major bearish trend line with current resistance at $ 59.50 on the hourly chart.
  • The LTC price is currently in higher correction, but higher prices are likely to cope with sellers close to $ 59.00 and $ 60.00.

Pricing of Litecoin prices

Yesterday we discussed a possible rise towards the $ 65.00 level in the litecoin price compared to the US dollar. However, the LTC / USD pair failed to stay above the $ 61.00 and $ 60.00 levels, and has declined recently.

LTEC price analysis chart Litecoin

Looking at the chart, the LTC price failed to exceed the 100-hour simple moving average and the $ 61.50 level. There was a sharp downside reaction from the $ 61.50 rise and the price fell below the $ 60.00 support.

More importantly, the price has failed near an important bearish trend line with current resistance at $ 59.50 on the same chart. The decline was such that the price broke a key support at $ 59.00.

It traded near the support of $ 56.50 and stood at $ 56.42. At present, it is running higher towards the Fibre 23.6% retracement level of the recent decline from the low of $ 61.50 to $ 56.42 low.

Perhaps it could continue to rise higher in the short term towards the $ 59.00 level, which was a support previously and could now act as resistance. In addition, it coincides with Fibra's 50% retracement level of the recent decline from the low of $ 61.50 to $ 56.42 below.

Therefore, if there is an upward correction, the price should face strong resistance near the $ 59.00 level and the same downtrend line.

On the flip side, the $ 56.50 support holds the key to the litecoin price. If there is a break below $ 56.50 and $ 56.00, it may open the doors for a push towards $ 52.00 and $ 50.00.

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