Litecoin Price Analysis: LTC/USD Holding Significant Support

Litecoin price is struggling to move past the $53.50 resistance against the US Dollar. LTC/USD must stay above the $50.00 and $51.00 supports to bounce back.

Key Talking Points

  • Litecoin price is finding it hard to move past the $53.00 and $53.50 resistances (Data feed of Kraken) against the US Dollar.
  • There is a major bearish trend line in place with resistance at $52.65 on the hourly chart of the LTC/USD pair.
  • LTC price must stay above the $51.00 and $50.00 support levels to recover above $54.00.

Litecoin Price Forecast

This past week, we saw a sharp reversal from the $58.00 swing high in litecoin price against the US dollar. The LTC/USD pair started a downside move and declined below the $54.00 support area.

Looking at the chart, LTC price extended decline towards the $50.00 support area and tested the $51.00 zone. A low was formed near $50.97 before the price started a recovery.

The price moved above the $52.60 level and the 100 hourly simple moving average. There was also a break above the 23.6% Fib retracement level of the last slide from the $58.05 high to $50.97 low. However, the price failed to break the $53.00 and $53.50 resistance levels.

There is also a major bearish trend line in place with resistance at $52.65 on the hourly chart of the LTC/USD pair. The pair is currently trading well below the $53.00 level and the 100 hourly SMA.

To start a substantial recovery, the price must break the trend line and the $53.50 resistance. Above these, the price may test the next hurdle near $54.50 and the 50% Fib retracement level of the last slide from the $58.05 high to $50.97 low.

On the downside, there are two important supports near the $51.00 and $50.00 levels. As long as the price is above $50.00, it could start a fresh recovery in the near term.

Overall, the current market sentiment is neutral and litecoin price may continue to trade in a range above $51.00 and $50.00 before the next move.

The market data is provided by TradingView.

Be the first to comment

Leave a Reply

Your email address will not be published.


*