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Price analysis of Litecoin: LTC / USD is witnessing the breakdown head down

The price of Litecoin is well above the support of $ 60.00 compared to the US dollar. LTC / USD seems to be preparing for an upside break against $ 65.00 in the near term.

Key points of conversation

  • The price of Litecoin is gaining ground after forming a decent support for $ 59.00 (Kraken Data Feed) against the US dollar.
  • The LTC / USD is currently attempting an upside break above a key bearish trend line with resistance at $ 61.00 on the hourly chart.
  • The LTC price is likely to accelerate gains over resistance from $ 62.00 and $ 64.00 in the short term.

Pricing of Litecoin prices

There seems to be a decent support base formed above the $ 59.00 level in the litecoin price compared to the US dollar. The LTC / USD is currently trading above the $ 60.00 level and may continue to move higher.

LTEC price analysis chart Litecoin

Looking at the chart, the LTC price tested the $ 59.00 support recently and started a new upward move. It broke the 23.6% fiber retracement level of the recent slide from the low of $ 65.50 to $ 58.85 lower.

It opened its doors for further gains and the price was trading above the $ 61.00 level and the 100-hour simple moving average. In addition, the LTC / USD is currently attempting an upside break above a key bearish trend line with resistance at $ 61.00 on the same chart.

If the price remains above the trendline, $ 60.00 and the SMA at 100 hours, it may continue to move higher. The next resistance is around the $ 62.15 level. Represents the 50% Fibra retracement level of the recent slippery from the low of $ 65.50 to $ 58.85 lower.

If the price increases traction above the $ 62.15 level, the next stop for buyers could be $ 64.70. Above this, the price will probably be traded above the $ 65.00 level. The final goal for the current wave could be $ 66.00.

To sum up, the litecoin price is positioned well above the $ 59.00 support. As long as LTC exceeds 100 SMAs, buyers are likely to push the price above the $ 64.00 level.

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