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The price of Litecoin holds very well the support of $ 56.50 against the US dollar. LTC / USD could go upwards towards $ 60.00 and $ 62.00 levels.
Key points of conversation
- The price of Litecoin is well above the support levels of $ 56.00 and $ 56.50 (Kraken data feed) compared to the US dollar.
- There is a short-term bearish trend line in place with resistance at $ 58.00 on the hourly chart of the LTC / USD pair.
- The LTC price could break higher to test the resistance levels $ 60.00 and $ 62.00.
Pricing of Litecoin prices
Over the last few days, there have been above all range movements above the $ 56.00 support in the litecoin price compared to the US dollar. The LTC / USD is consolidating above $ 56.00 and could accelerate higher in the short term.
Looking at the chart, the LTC price tested the support level of $ 56.50 on three occasions. Sellers have clearly struggled to break support levels of $ 56.50 and $ 56.00, which increases the chances of an upward move in the short term.
The price is currently trading above the Fib retracement level at 23.6% of the last drop from $ 61.44 up to $ 56.58 below. However, there is strong resistance formed around $ 58.00 and the simple 100-hour moving average.
There is also a short-term bearish trend line in place with resistance at $ 58.00 on the hourly chart of the LTC / USD pair. The pair must break the trend line, $ 58.00 and the SMA 100 hours to gain upward momentum.
The next resistance is close to the $ 59.00 level and the 50% fiber retracement level of the last drop from the $ 61.44 up to $ 56.58 at the bottom. Beyond this, the price should accelerate above the resistance of $ 60.00 in the next sessions.
To sum up, the litecoin price is traded above the strong support of $ 56.00. As long as buyers remain in stock above the $ 56.00 support, the price is bound to break through. The next major barriers for buyers are close to the resistance levels $ 60.00 and $ 62.00. On the downside, media under $ 56.00 is $ 52.00 and $ 50.00.
Market data is provided by TradingView.
