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The price of Litecoin gained bullish momentum and broke the resistance from $ 50.00 and $ 53.00 against the US dollar. LTC / USD remains well supported on dips near $ 52.00.
Key points of conversation
- The Litecoin price has risen higher recently and has tested the area from $ 55.00 (Kraken Data Feed) compared to the US dollar.
- C & # 39; is a bullish trend line in connection with support at $ 51.60 on the hourly chart of the LTC / USD pair.
- The LTC price is currently running lower, but the dives remain supported near $ 52.00 and $ 51.60.
Pricing of Litecoin prices
Ultimately, we discussed whether the litecoin price could continue to exceed $ 50.00 compared to the US dollar. The LTC / USD pair gained momentum and broke resistance levels $ 52.00 and $ 53.00.
Looking at the chart, the LTC price even stabilized above the resistance of $ 52.00 and the simple 100-hour moving average. It traded above the $ 55.00 level and reached a maximum of $ 55.78. Subsequently, the price started a downward correction and traded below $ 54.00.
There was a break below the 50% retracement level of the recent Wave, from $ 50.34 down to $ 55.78 up. However, there are many supports on the negative side near the $ 52.00 level, which was previously a resistance.
In addition, there is an uptrend line in connection with support of $ 51.60 on the hourly chart of the LTC / USD pair. Above the trendline, the 61.8% retracement level of the recent wave fiber from $ 50.34 down to $ 55.78 at the top is a decent support close to $ 52.42.
Therefore, if the pair continues to correct lower, it is likely that you find strong support near the $ 52.00 level. On the upside, an initial resistance is close to $ 54.00, beyond which the price could revisit the $ 55.00-55.50 zone.
Overall, the litecoin price is back in a positive zone as long as it is higher than the $ 52.00 level, there may be more gains. If there is a break below $ 52.00, there is a high probability of an extended slide versus $ 50.00 in the short term.
Market data is provided by TradingView.
