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Price analysis of Litecoin: LTC / USD test Important purchase area

The price of Litecoin started a downward correction from $ 56,305 up from the US dollar. LTC / USD currently trades near major support levels near $ 52.60.

Key points of conversation

  • Litecoin's price reached a short-term high near $ 56.35 and lower corrected (Kraken's data feed) compared to the US dollar.
  • Yesterday they highlighted two bullish trend lines with support for $ 55.10 and $ 53.60 on the hourly chart of the LTC / USD pair.
  • The LTC price is currently trading close to a few key support levels near the $ 52.60 area.

Pricing of Litecoin prices

Yesterday we discussed a nice upward move above the resistance level of $ 55.00 in the litecoin price compared to the US dollar. The LTC / USD pair traded at $ 56,305 and subsequently started a downward correction.

LTEC price analysis chart Litecoin

Looking at the chart, the LTC price was corrected and broke support levels $ 55.00 and $ 54.00. During the decline, there was a pause under the support of $ 53.80 and the simple 100-hour moving average.

In addition, the price fell below the Fib retracement level at 11.4% from the last wave from $ 52.70 to $ 56.35. More importantly, yesterday the two bullish trend lines highlighted yesterday with support for $ 55.10 and $ 53.60 were violated on the hourly chart of the LTC / USD pair.

The pair traded near key support $ 52.60 and at the last minimum. There could be a rebound, but the price could meet sellers close to the $ 53.80 level and the 100-hour SMA.

There seems to be another downward push toward the 1.236 Fib extension level of the last wave from $ 52.70 floating low to $ 56.35 high. Once the current correction wave near the support level $ 52.60 or $ 51.80 is completed, the price is likely to resume.

The current market sentiment is slightly bearish, but the litecoin price remains well supported near the levels of $ 52.60 and $ 51.80. On the upside, the LTC / USD must break the $ 54.00 level and settle above the 100-hour SMA to start a new upward move towards the $ 58.00 and $ 60.00 levels.

Market data is provided by TradingView.

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