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Litecoin price traded higher and broke the $58.00 and $60.00 resistances against the US Dollar. LTC/USD may continue to move higher towards the $70.00 level in the near term.
Key Talking Points
- Litecoin price gained traction and broke the $60.00 barrier recently (Data feed of Kraken) against the US Dollar.
- There is a key bullish trend line in place with support at $60.50 on the hourly chart of the LTC/USD pair.
- LTC price remains well supported for more gains above the $64.00 and $65.00 levels in the near term.
Litecoin Price Forecast
There was a decent rise from the $54.00 support area in litecoin price against the US dollar. The LTC/USD pair traded higher and broke the $58.00 and $60.00 resistances to move into a positive zone.
Looking at the chart, LTC price settled above the $60.00 level and the 100 hourly simple moving average. It even broke the $62.00 resistance and traded close to the next resistance at $65.00.
A high was formed at $63.80 before the price corrected lower. It declined below $62.00 and the 50% Fib retracement level of the last wave from the $58.13 low to $63.80 high. However, the decline was protected by the $60.50 and $60.00 levels.
Moreover, the 61.8% Fib retracement level of the last wave from the $58.13 low to $63.80 high also acted as a support. At the moment, there is a key bullish trend line in place with support at $60.50 on the hourly chart of the LTC/USD pair.
As long as the pair is above the trend line support, there could be a recovery towards the $64.00 and $65.00 levels. Above this last, the price may move further higher towards the $68.00 level. The final target for buyers could be the $70.00 level.
On the downside, a break below the trend line may push the price back towards the $58.00 support and the 100 hourly SMA. Overall, litecoin price is placed nicely for more gains above the $64.00 level.
The market data is provided by TradingView.
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