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The price of Litecoin was traded higher and tested the level of $ 65.00 against the US dollar. LTC / USD is currently lowering, but drops remain well supported above $ 60.00.
Key points of conversation
- The price of Litecoin is positioned above the support levels $ 60.00 and $ 61.00 (Kraken data feed) compared to the US dollar.
- There was a break below a short-term triangle with support for $ 63.40 on the hourly chart of the LTC / USD pair.
- The LTC price is currently falling, but buyers are likely to appear close to $ 61.00 or $ 60.00.
Pricing of Litecoin prices
There was a decent upward move above the resistance of $ 60 to the litecoin price compared to the US dollar. The LTC / USD pair traded above $ 62.00 and $ 64.00 to move into a bullish zone.
Looking at the chart, the LTC price tested the resistance of $ 65.00 and stabilized above the simple 100-hour moving average. A new intraday high was formed at $ 65.45 and thereafter the price started a downward correction.
It fell below the fiber retracement level of 23.6% of the last wave, from $ 56.67 lower to $ 65.45 at the top. More importantly, there was a break below a short-term triangle with support for $ 63.40 on the hourly chart of the LTC / USD pair.
If the price continues to fall, there may be a push towards $ 61.00 support. Represents the 50% fiber retracement level of the last wave from a minimum of $ 56.67 to $ 65.45.
If there are more decreases, the support level of $ 60.00 is a key barrier for sellers together with the 100-hour SMA. Once the current fix is complete, the price may resume its upward movement toward the $ 64.00 and $ 65.00 levels.
Any further gain above the $ 65.00 level could accelerate gains to $ 67.00 and $ 68.00 levels. Overall, litecoin is positioned well in a positive zone above the $ 60.00 handle. As long as LTC / USD is above $ 60.00, buyers may try to exceed the $ 65.00 level. Below $ 60.00, most likely the price will return to the bearish zone.
Market data is provided by TradingView.
