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Litecoin price stayed above the $51.00 support and bounced back against the US Dollar. LTC/USD broke the $52.00 resistance to move into a positive zone.
Key Talking Points
· Litecoin price stayed above the important $51.00 and $50.00 support (Data feed of Kraken) against the US Dollar.
· This week’s followed crucial bearish trend line was cleared with resistance at $52.00 on the hourly chart of the LTC/USD pair.
· LTC price may continue to move higher towards the $53.50 and $55.00 resistance levels.
Litecoin Price Forecast
Yesterday, we discussed about a crucial support near the $51.00 level in litecoin price against the US dollar. The LTC/USD pair remained above the $51.00 support and later gained traction for an upside move.
Looking at the chart, LTC price formed a low near $51.30 and started an upside move. It traded above the $52.00 resistance and the 100 hourly simple moving average. The upside move was strong as the price broke the 50% Fib retracement level of the recent decline from the $53.24 high to $51.30 low.
More importantly, this week’s followed crucial bearish trend line was cleared with resistance at $52.00 on the hourly chart of the LTC/USD pair.
The pair tested the $52.50 level and the 61.8% Fib retracement level of the recent decline from the $53.24 high to $51.30 low. It is currently consolidating above the $52.00 level with a positive angle.
If buyers remain in action, the price will most likely move higher towards the $53.50 resistance area. However, the most important hurdle for buyers remain near $55.00, above which the price could accelerate towards the $60.00 level.
On the downside, the previous resistance near $52.00 may perhaps act as a support. Below $52.00, the main support levels are still $51.00 and $50.00.
Overall, the recent upside break in litecoin price is showing positive signs above $52.00. Having said that, LTC price needs to trade past the $53.50 resistance to climb further higher towards the $55.00 level.
The market data is provided by TradingView.
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