Litecoin Price Analysis: LTC/USD Recovery Looks Real, More Gains Possible
Litecoin price traded further higher and traded above the $50.00 resistance against the US Dollar. LTC/USD could continue to move higher towards $53.00.
Key Talking Points
- Litecoin price is slowly moving higher and it recently broke the $50.00 resistance (Data feed of Kraken) against the US Dollar.
- Yesterday’s highlighted key bearish trend line was breached with resistance at $50.20 on the hourly chart of the LTC/USD pair.
- LTC price is currently placed nicely above the $50.00 level and the 100 hourly SMA.
Litecoin Price Forecast
After trading as low as $47.86, litecoin price started a decent upward move against the US dollar. The LTC/USD pair broke the $49.00 resistance, started consolidating gains, and finally made another move up.
Looking at the chart, LTC price started a short term correction from the $50.20 swing high. It corrected a few points, but the $49.40 level acted as a decent support. As a result, there was another upward move and the price broke the $50.00 resistance.
There was even a close above the $50.00-50.20 resistance and the 100 hourly simple moving average. Moreover, yesterday’s highlighted key bearish trend line was breached with resistance at $50.20 on the hourly chart of the LTC/USD pair.
The pair traded as high as $50.89 recently and it is currently correcting lower. It seems like the same broken trend line is now acting as a support near the $50.50 level. The next support is near the 23.6% Fib retracement level of the recent wave from the $47.86 low to $50.89 high.
However, the main support on the downside is near the $49.40 level and the 100 hourly simple moving average. Besides, the 50% Fib retracement level of the recent wave from the $47.86 low to $50.89 high is near $49.40.
Therefore, if litecoin price corrects lower, it is likely to find support near the $50.00 and $49.40 levels. On the upside, a break above the $51.00 resistance may open the doors for a push towards the $53.00 resistance.
The market data is provided by TradingView.
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