Litecoin price remained nicely supported above the $ 64.50 level against the US Dollar. LTC/USD is likely to extend gains above the recent high at $ 67.50 in the near term.
Key Talking Points
- Litecoin price dipped recently, but it found a decent support near $ 64.50 (Data feed of Kraken) against the US Dollar.
- Yesterday’s highlighted key bullish trend line is intact with current support at $ 64.80 on the hourly chart of the LTC/USD pair.
- LTC price is preparing for the next move and it could break the $ 67.50 zone for more gains.
Litecoin Price Forecast
Yesterday, there was a minor downside move below $ 66.00 in litecoin price against the US dollar. The LTC/USD pair traded below the $ 65.00 level, but the $ 64.50 support area acted as a strong support.
Looking at the chart, LTC price dipped and traded as low as $ 64.17. Later, the price started consolidating losses and traded above the $ 64.50 support. It slowly moved higher and broke the $ 65.00 and $ 66.00 resistance levels.
It traded as high as $ 67.25 and it is currently correcting lower. It breached the 23.6% Fib retracement level of the last leg from the $ 64.17 low to $ 67.25 high. However, the $ 65.70 level acted as a support and prevented further losses.
It seems the 50% Fib retracement level of the last leg from the $ 64.17 low to $ 67.25 high acted as a support. If the price slides further, it could test the $ 65.00 support. More importantly, yesterday’s highlighted key bullish trend line is intact with current support at $ 64.80 on the hourly chart of the LTC/USD pair.
The same trend line is positioned with the 100 hourly simple moving average at $ 64.30. Therefore, if the price dips from the current levels, the $ 64.50-80 zone is likely to act as a strong support.
Once the current correction is complete, litecoin price is likely to trade above the $ 67.00 and $ 67.25 levels in the near term. Finally, it could even make an attempt to surpass $ 68.00 to set a new weekly high.
The market data is provided by TradingView.
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