Litecoin price is slowly and steadily rising from the $ 56.00 support against the US Dollar. LTC/USD may soon accelerate gains above the $ 60.00 resistance.
Key Talking Points
- Litecoin price is moving higher towards the $ 60.00 resistance level (Data feed of Kraken) against the US Dollar.
- Yesterday’s highlighted bearish trend line was breached with resistance at $ 57.80 on the hourly chart of the LTC/USD pair.
- LTC price looks set to break the $ 59.50 and $ 60.00 resistance levels in the near term.
Litecoin Price Forecast
Yesterday, we discussed that litecoin price could break higher above the $ 58.00 resistance against the US dollar. The LTC/USD pair did move higher from the $ 56.50 support level and broke the $ 58.00 resistance.
Looking at the chart, LTC price gained traction and it was able to clear the 50% Fib retracement level of the last decline from the $ 61.50 high to $ 56.60 swing low. Moreover, there was a close above the $ 58.00 level and the 100 hourly simple moving average.
The price even spiked above the $ 59.00 level and traded close to the $ 60.00 resistance. More importantly, yesterday’s highlighted bearish trend line was breached with resistance at $ 57.80 on the hourly chart of the LTC/USD pair.
The pair traded as high as $ 59.67 and it is currently correcting lower. It is testing the 23.6% Fib retracement level of the last wave from the $ 56.58 low to $ 59.67 high.
However, the main support on the downside is near the $ 58.00 level and the 100 hourly SMA. Moreover, the 50% Fib retracement level of the last wave from the $ 56.58 low to $ 59.67 high is also near the $ 58.00 level.
Therefore, if the price continues to move down, it is likely to find a strong support near the $ 58.00 level. On the upside, an initial resistance is at $ 59.50, above which the price needs to clear the $ 60.00 resistance.
At the outset, the current price action is positive and it indicates that litecoin could accelerate higher above $ 60.00 in the near term.
The market data is provided by TradingView.
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