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Litecoin's price is slowly and steadily rising from the $ 56.00 support against the US dollar. LTC / USD may soon accelerate gains above the resistance of $ 60.00.
Key points of conversation
- The price of Litecoin is moving higher towards the resistance level $ 60.00 (Kraken data feed) than the US dollar.
- The bearish trend line highlighted yesterday was surpassed with resistance at $ 57.80 on the hourly chart of the LTC / USD pair.
- The LTC price seems set to exceed the resistance levels of $ 59.50 and $ 60.00 in the short term.
Pricing of Litecoin prices
Yesterday we discussed the fact that the price of litecoin could exceed the resistance of $ 58.00 compared to the US dollar. The LTC / USD pair increased against the support level of $ 56.50 and broke the resistance of $ 58.00.
Looking at the chart, the price of the LTC gained traction and was able to cancel the 50% fiber retracement level of the last decline from the low of $ 61.50 to $ 56.60 low swinging . Furthermore, there was a close above the $ 58.00 level and a simple 100 hour moving average.
The price even exceeded the $ 59.00 level and approached the $ 60.00 resistance. More importantly, yesterday's highlighted downtrend line was outperformed at $ 57.80 on the LTC / USD pair hourly chart.
The pair traded up to $ 59.67 and is currently correcting lower. It is testing the fiber retracement level of 23.6% of the last wave, from $ 56.58 down to $ 59.67 at the top.
However, the main downside support is close to the $ 58.00 level and the 100-hour SMA. In addition, the 50% fiber retracement level of the last wave from a minimum of $ 56.58 to $ 59.67 is close to the $ 58.00 level.
Therefore, if the price continues to fall, you may find strong support near the $ 58.00 level. On the upside, an initial resistance is $ 59.50, beyond which the price must exceed the resistance of $ 60.00.
At the outset, the current price action is positive and indicates that litecoin could accelerate above $ 60.00 in the short term.
Market data is provided by TradingView.
