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The price of Litecoin remained above the support of $ 51.00 and rebounded against the US dollar. LTC / USD broke the resistance of $ 52.00 to move into a positive zone.
Key points of conversation
· The price of Litecoin remained above the major $ 51.00 and $ 50.00 support (Kraken data feed) against the US dollar.
· This week followed the crucial bearish trend line with a resistance of $ 52.00 on the hourly chart of the LTC / USD pair.
· The LTC price could continue to rise towards resistance levels of $ 53.50 and $ 55.00.
Pricing of Litecoin prices
Yesterday we discussed a crucial support near the $ 51.00 level in the litecoin price compared to the US dollar. The LTC / USD pair remained above the support of $ 51.00 and later gained traction for an upward move.
Looking at the graphicThe LTC price stood at a low level near $ 51.30 and started an upward move. It has exceeded the resistance of $ 52.00 and the simple 100-hour moving average. The upward move was strong as the price broke Fibra's 50% retracement level of the recent decline from $ 53.24 high to $ 51.30 low.
More importantly, this important bearish trend line followed this week was liquidated with resistance to $ 52.00 on the hourly chart of the LTC / USD pair.
The pair tested the $ 52.50 level and the Fib 61.8% retracement level of the recent decline from $ 53.24 upwards to $ 51.30 below. It is consolidating above the $ 52.00 level with a positive angle.
If buyers remain in stock, the price will most likely move towards the resistance area of $ 53.50. However, the most important obstacle for buyers remains close to $ 55.00, beyond which the price could accelerate towards the $ 60.00 level.
On the downside, the previous resistance close to $ 52.00 could perhaps serve as support. Below $ 52.00, the main support levels are still $ 51.00 and $ 50.00.
Overall, the recent upward price break of litecoin is showing positive signs above $ 52.00. That said, the LTC price must exceed the resistance of $ 53.50 to rise further to the $ 55.00 level.
Market data is provided by TradingView.
