Litecoin Price Analysis: LTC/USD is Eyeing Upside Break


Litecoin Price Analysis LTC Chart

Litecoin price is trading nicely above the $ 60.00 support against the US Dollar. LTC/USD seems to be preparing for an upside break towards $ 65.00 in the near term.

Key Talking Points

  • Litecoin price is gaining momentum after forming a decent support at $ 59.00 (Data feed of Kraken) against the US Dollar.
  • The LTC/USD pair is currently attempting an upside break above a key bearish trend line with resistance at $ 61.00 on the hourly chart.
  • LTC price is likely to accelerate gains above the $ 62.00 and $ 64.00 resistances in the near term.

Litecoin Price Forecast

There seems to be a decent support base formed above the $ 59.00 level in litecoin price against the US dollar. The LTC/USD pair is currently trading above the $ 60.00 level and it could continue to move higher.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price tested the $ 59.00 support recently and started a fresh upward move. It broke the 23.6% Fib retracement level of the recent slide from the $ 65.50 swing high to $ 58.85 low.

It opened the doors for more gains and the price traded above the $ 61.00 level and the 100 hourly simple moving average. Moreover, the LTC/USD pair is currently attempting an upside break above a key bearish trend line with resistance at $ 61.00 on the same chart.

If the price stays above the trend line, $ 60.00, and the 100 hourly SMA, it could continue to move higher. The next resistance is around the $ 62.15 level. It represents the 50% Fib retracement level of the recent slide from the $ 65.50 swing high to $ 58.85 low.

If the price gains traction above the $ 62.15 level, the next stop for buyers could be $ 64.70. Above this last, the price will most likely trade above the $ 65.00 level. The final target for the current wave may well be $ 66.00.

To sum up, litecoin price is placed nicely above the $ 59.00 support. As long as LTC is above the 100 SMA, buyers are likely to push the price above the $ 64.00 level.

The market data is provided by TradingView.

The post Litecoin Price Analysis: LTC/USD is Eyeing Upside Break appeared first on Ethereum World News.

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