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Litecoin price formed a decent support base near the $51.00 level against the US Dollar. LTC/USD may perhaps break the $51.80-52.00 resistance zone in the near term.
Key Talking Points
- Litecoin price is holding the important $51.00 support area (Data feed of Kraken) against the US Dollar.
- There is a crucial bearish trend line in place with resistance at $51.50 on the hourly chart of the LTC/USD pair.
- LTC price is likely to break the $51.50 and $52.00 resistance levels to climb higher in the near term.
Litecoin Price Forecast
This past week, we mostly saw ranging moves with a bearish angle below the $53.00 level in litecoin price against the US dollar. The LTC/USD pair tested the $51.00 level on a few occasions and formed a decent support above $50.00.
Looking at the chart, LTC price recently traded as low as $51.18 and it is trading below the 100 hourly simple moving average. The current price action indicates a minor upward move above the $51.50 level.
The price already breached the 23.6% Fib retracement level of the recent decline from the $52.28 high to $51.18 low. However, there is a strong resistance near the $51.60 level and the 100 hourly SMA.
Moreover, there is a crucial bearish trend line in place with resistance at $51.50 on the hourly chart of the LTC/USD pair. Above the trend line, the next resistance is near the 61.8% Fib retracement level of the recent decline from the $52.28 high to $51.18 low at $51.86.
If there is a break above the $51.86 resistance, the price is likely to surpass the $52.00 level. In the mentioned case, the price could even test the key $53.00 resistance level.
On the downside, the $51.10 and $51.00 levels are important supports. Below these, litecoin price may attempt to decline below the $50.00 support area. Overall, LTC/USD is trading in a range and as long as it is trading above the $50.00 handle, it is likely to break to the upside.
The market data is provided by TradingView.
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