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The price of Litecoin is well above the support of $ 52.50 against the US dollar. LTC / USD looks set to gain bullish momentum above the resistance of $ 54.00.
Key points of conversation
- The price of Litecoin is positioned for an upward movement above the support of $ 52.50 (Kraken Data Feed) compared to the US dollar.
- The important uptrend line highlighted yesterday is intact with support for $ 52.50 on the hourly chart of the LTC / USD pair.
- The LTC price is likely to rise higher in the short term above the resistance of $ 54.00.
Pricing of Litecoin prices
During the last few hours, the litecoin price was traded mostly in a range above the $ 52.00 support compared to the US dollar. The LTC / USD pair may continue to operate in a range and may exceed the resistance of $ 54.00.
Looking at the chart, the LTC price has recently lowered to the support area $ 52.00-52.20. A minimum was formed close to $ 52.20 and thereafter the price started an upward move.
The price has moved above the $ 53.00 level and the simple 100-hour moving average. More importantly, there was a break above a bearish link trend line with resistance at $ 52.50 on the hourly chart.
The price seems to be positioned for further gains towards the Fib retracement level of 23.6% from the recent decline from the low of $ 58.00 to $ 52.20 low oscillating. If there is an upward break above the $ 53.50 level, the price will most likely exceed the resistance of $ 54.00.
The next bullish resistance is close to the 50% Fibra retracement level of the recent decline from the low of $ 58.00 to $ 52.20 floating to $ 55.14. Finally, the main target for buyers could be close to the $ 56.50 level.
On the downside, the 100-hour moving average is a decent support around the $ 52.80 level. More importantly, the important uptrend line highlighted yesterday is intact with support for $ 52.50 on the same chart.
Therefore, as long as the litecoin price is higher than the support levels of $ 52.20 and $ 52.00, it may soon exceed the resistance of $ 54.00.
Market data is provided by TradingView.
