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The price of Litecoin is struggling to cancel the resistance of $ 58.00-60.00 against the US dollar. LTC / USD is likely to break down resistance for further gains towards $ 65.00.
Key points of conversation
- The price of Litecoin continues to contain the $ 560.00 support area with downward moves (Kraken data feeds) compared to the US dollar.
- This week follows the fundamental downtrend line still in place with the current resistance at $ 59.00 on the hourly chart of the LTC / USD pair.
- It is likely that the LTC price breaks down resistance to $ 59.00 and $ 60.00 for an upward move.
Pricing of Litecoin prices
During the last sessions, there were above all bearish moves below $ 60.00 in the litecoin price compared to the US dollar. The LTC / USD pair struggled to break resistance levels $ 59.00 and $ 60.00.
Looking at the chart, the LTC price still maintains the key support area above the $ 56.00 level. The recent low amounted to $ 56.50 and thereafter the price started an upward correction.
However, the upward move was limited by the resistance levels $ 58.00, $ 59.00 and $ 60.00. There was a push above the Fibre 23.6% retracement level of the recent decline from the low of $ 61.45 to the $ 56.50 minimum.
However, buyers have struggled to cancel the $ 59.00 level, resulting in a bearish reaction. Also, there was a rejection observed near the 50% Fibra retracement level of the recent decline from the low of $ 61.45 to the minimum of $ 56.50.
The most important obstacle for buyers is the following downtrend line followed by this week with current resistance at $ 59.00 on the hourly chart of the LTC / USD pair.
In addition, the 100-hour moving average is also close to the resistance of the trend line at $ 58.50. Therefore, if there is an upside break above the trendline and the 100-hour SMA, there could be more short-term gains above the $ 60.00 level.
In the case mentioned, it is likely that the price visits the levels $ 64.00 and $ 65.00. On the downside, the litecoin price should contain support of $ 56.00. Otherwise, there is a risk of further losses towards the $ 50.00 level.
Market data is provided by TradingView.
