[ad_1]

Litecoin price is holding the $59.00 support against the US Dollar. LTC/USD must break the $62.00 resistance to challenge the $65.45 high in the near term.

Key Talking Points

  • Litecoin price is holding an important support near the $58.80-59.00 zone (Data feed of Kraken) against the US Dollar.
  • There is a major bullish trend line in place with support at $60.40 on the hourly chart of the LTC/USD pair.
  • LTC price must stay above the $60.40 and $60.00 support levels to climb higher.

Litecoin Price Forecast

After trading above the $65.00 level, litecoin price started a downside correction against the US dollar. The LTC/USD pair traded below the $64.00 and $62.00 support levels, and tested the $60.00 support.

Looking at the chart, LTC price even spiked below the $60.00 support and the 100 hourly simple moving average. A low was formed at $58.85 before the price corrected higher. It moved above the $60.00 level with a positive angle.

There was also a break above the 23.6% Fib retracement level of the last decline from the $65.45 high to $58.85 low. Besides, the price is currently trading above the $60.00 support and the 100 hourly SMA.

More importantly, there is a major bullish trend line in place with support at $60.40 on the hourly chart of the LTC/USD pair. If there is a downside break below the trend line and the $60.00 level, there could be more losses below the $58.85 low in the near term.

The next major support below $58.85 is around the $57.00 level. On the upside, there is a connecting bearish trend line in place with resistance at $62.00. Once buyers succeed in clearing the $62.00 resistance, there could be more gains towards the $65.00 level.

However, the price needs to surpass the 50% Fib retracement level of the last decline from the $65.45 high to $58.85 low at $62.15 as well to gain momentum.

Overall, litecoin price is likely to revisit the $65.00 level if it succeeds in clearing the $62.00 and $62.15 resistance levels.

The market data is provided by TradingView.

Get real time updates directly on you device, subscribe now.

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets

[ad_2]

Source link

RELATED ARTICLESMORE FROM AUTHOR