The price of Litecoin declined and tested the support of $ 56.00 against the US dollar. LTC / USD is currently correcting higher towards the resistance $ 59.00-60.00.
Key points of conversation
· The price of Litecoin has declined recently and has tested the key support of $ 56.00 (Kraken Data Feed) compared to the US dollar.
· The important bearish trend line highlighted yesterday is intact with the current resistance to $ 59.30 on the hourly chart of the LTC / USD pair.
· The LTC price must clear resistance levels $ 59.00 and $ 60.00 to achieve traction in the short term.
Pricing of Litecoin prices
Yesterday we witnessed a downtrend under the $ 60.00 support in the litecoin price compared to the US dollar. The LTC / USD pair traded for the next major support at $ 56.00, which saw further drops.
Looking at theThe LTC price found a strong buying interest near the support area of $ 56.00-56.50. Subsequently, the price started an upward correction and exceeded the level of $ 57.50.
There was a break above the 23.6% fiber retracement level in the last slide from $ 61.44 up to $ 56.51 below. However, the price is approaching a crucial resistance area near the levels of $ 59.00 and $ 60.00.
More importantly, the important downtrend line highlighted yesterday is intact with the current resistance at $ 59.30 on the hourly chart of the LTC / USD pair. The same trend line coincides with the Fib 50% retracement level of the last slide from $ 61.44 up to $ 56.51 below.
In addition, the 100-hour moving average is close to the $ 59.50 level. Therefore, buyers are likely to be very close to the trend line, 100 hours of SMA and resistance of $ 60.00.
If buyers are able to push the price above the resistance of $ 60.00, they are likely to come back in a positive zone towards the levels of $ 61.50 and $ 63.00 in the short term. On the other hand, if sellers protect earnings above $ 60.00, there may be a new drop to support of $ 56.50.
Overall, the litecoin price must remain above the support levels of $ 56.50 and $ 56.00 to recover over the $ 60.00 barrier in the next sessions.
Market data is provided by TradingView.