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Litecoin price finally broke the
key $60.00 resistance area against the US dollar. LTC is currently consolidating
above $60.00 and it could continue to move higher.
Key Talking Points
- Litecoin price climbed higher and broke the
$58.00 and $60.00 resistances (Data feed of Kraken) against the US Dollar. - There was a break above a major contracting triangle
with resistance at $60.55 on the hourly chart. - LTC price remains supported on dips near $60.00
and it may rise above the $62.00 level.
Litecoin Price Analysis (LTC)
In the past few analysis, we discussed the chances of an upside break above $60.00 in litecoin price against the US Dollar. The LTC/USD pair did gain traction along with bitcoin, Ethereum, EOS and ripple to clear the $58.00 and $60.00 resistance levels.
Looking at the chart, LTC price even
broke the $61.00 level and settled well above the 100 hourly simple moving
average. A new monthly high was formed near $62.04 and later the price
corrected lower. It declined below the $61.00 level to start a short term
correction.
There was a break below the 23.6% Fib retracement level of
the last wave from the $55.73 low to $62.04 high. However, the $59.00 level
(the previous resistance) acted as a support and protected more losses.
The price also found support near the 50% Fib retracement
level of the last wave from the $55.73 low to $62.04 high. Finally, there was a
fresh upside break above the $60.00 and $60.50 levels.
There was also a break above a major contracting triangle with
resistance at $60.55 on the hourly chart. It opened the doors for more gains,
but the price once again failed near the $62.00 level. In the short term, there
could be a few swing moves above $60.00 before the price makes the next move.
Litecoin price will most likely extend gains above the
$62.00 level. The next key resistance levels are $64.00 and $65.00. However, if
there is a downside break below $60.00, LTC price may revisit the $58.50
support and the 100 hourly SMA.
The market data is provided by TradingView.
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