The price of Litecoin formed a decent support base near the $ 51.00 level against the US dollar. LTC / USD could possibly break the resistance zone of $ 51.80-52.00 in the short term.
Key points of conversation
- The price of Litecoin is in the possession of the important support area of $ 51.00 (Kraken data feed) compared to the US dollar.
- There is a crucial bearish trend line in place with resistance at $ 51.50 on the hourly chart of the LTC / USD pair.
- It is likely that the LTC price will break resistance levels $ 51.50 and $ 52.00 to rise higher in the short term.
Pricing of Litecoin prices
Last week, we saw mostly moves with a bearish angle below the $ 53.00 level in the litecoin price compared to the US dollar. The LTC / USD pair tested the $ 51.00 level on some occasions and formed a decent support above $ 50.00.
Looking at the chart, the LTC price recently traded at $ 51.18 and is moving below the simple 100-hour moving average. The current price action indicates a slight rise above the $ 51.50 level.
The price has already exceeded the Fibre 23.6% retracement level of the recent decline from $ 52.28 up to $ 51.18 below. However, there is strong resistance near the $ 51.60 level and the 100-hour SMA.
In addition, there is a bearish trend line in place with resistance at $ 51.50 on the hourly chart of the LTC / USD pair. Above the trendline, the next resistance approaches the Fib retracement level at 61.8% from the recent decline from $ 52.28 up to $ 51.18 down to $ 51.86.
If there is a break above the resistance of $ 51.86, the price should exceed the level of $ 52.00. In the case mentioned, the price could also test the key resistance level $ 53.00.
On the downside, the levels of $ 51.10 and $ 51.00 are important supports. Below these, the litecoin price may try to fall below the $ 50.00 support area. Overall, LTC / USD is trading in a range and as long as it trades above the $ 50.00 handle, it is likely to go higher.
Market data is provided by TradingView.