Litecoin price is struggling to clear the $ 58.00-60.00 resistance against the US Dollar. LTC/USD is likely to break the downtrend resistance for more gains towards $ 65.00.
Key Talking Points
- Litecoin price is still holding the $ 560.00 support area with bearish moves (Data feed of Kraken) against the US Dollar.
- This week’s followed crucial bearish trend line is still in place with current resistance at $ 59.00 on the hourly chart of the LTC/USD pair.
- LTC price is likely to break the downtrend resistance at $ 59.00 and $ 60.00 for an upward move.
Litecoin Price Forecast
During the past few sessions, there were mostly bearish moves below $ 60.00 in litecoin price against the US dollar. The LTC/USD pair struggled a lot to break the $ 59.00 and $ 60.00 resistance levels.
Looking at the chart, LTC price is still holding the key support area above the $ 56.00 level. The recent low was formed at $ 56.50 and later the price started an upside correction.
However, the upside move was capped by the $ 58.00, $ 59.00 and $ 60.00 resistance levels. There was a push above the 23.6% Fib retracement level of the recent decline from the $ 61.45 swing high to $ 56.50 swing low.
However, buyers struggled to clear the $ 59.00 level, resulting in a bearish reaction. Additionally, there was a rejection noted near the 50% Fib retracement level of the recent decline from the $ 61.45 swing high to $ 56.50 swing low.
The most important hurdle for buyers is this week’s followed crucial bearish trend line with current resistance at $ 59.00 on the hourly chart of the LTC/USD pair.
Moreover, the 100 hourly simple moving average is also near the trend line resistance at $ 58.50. Therefore, if there is an upside break above the trend line and the 100 hourly SMA, there could be more gains in the near term above the $ 60.00 level.
In the mentioned case, the price is likely to visit the $ 64.00 and $ 65.00 levels. On the downside, litecoin price should hold the $ 56.00 support. If not, there is a risk of more losses towards the $ 50.00 level.
The market data is provided by TradingView.
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