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.
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.
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