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Price analysis of Litecoin: the LTC / USD rally could extend above $ 58

The price of Litecoin is gaining pace over the support of $ 54.00 against the US dollar. LTC / USD may continue to move higher and may even break resistance from $ 58.00 and $ 60.00.

Key points of conversation

  • The price of Litecoin strengthened further and broke the resistance level of $ 56.00 (Kraken data source) compared to the US dollar.
  • There are two bullish trend lines formed with support for $ 55.00 and $ 53.50 on the hourly chart of the LTC / USD pair.
  • The LTC price remains well supported on the negative side near the $ 54.00 and $ 55.00 levels.

Pricing of Litecoin prices

Yesterday, we discussed further disadvantages above the $ 54.00 level in the litecoin price compared to the US dollar. The LTC / USD pair gained traction and exceeded the resistance levels $ 55.00 and $ 56.00.

LTEC price analysis chart Litecoin

Looking at the chart, the LTC price corrected some points after testing the area at $ 55.80. It fell below the $ 55.00 level, but losses were protected from the $ 52.70 support zone. The price formed a base and started a new upward move above the resistance of $ 54.00.

Buyers gained momentum and the price was trading at a new weekly high above the resistance of $ 56.00. It traded up to $ 56,335 with heavy uptrend moves above the 100-hour simple moving average.

At the moment, the price is lowering towards the Fib retracement level to 23.6% of the recent wave, from $ 52.69 down to $ 56.35 at the top. However, there are many supports on the negative side near the $ 55.00 and $ 54.00 levels.

In addition, there are two uptrend lines formed with support for $ 55.00 and $ 53.50 on the hourly chart of the LTC / USD pair. Intermediate support is at $ 54.10 and Fib 61.8% retracement level of the recent wave from $ 52.69 low to $ 56,305 high.

Therefore, if the pair falls from current levels, it may find support near the $ 55.00 or $ 54.00 level. Below $ 54.00, the price could be backed up by $ 52.50.

Overall, litecoin buyers have control and it seems there could be more gains above the levels of $ 58.00 and $ 60.00 in the short term.

Market data is provided by TradingView.

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