Litecoin price traded towards the $52.00 level and found support against the US Dollar. LTC/USD is recovering, but it is likely to face hurdles on the upside.
Key Talking Points
- Litecoin price is under pressure below the $59.50 and $60.00 resistances (Data feed of Kraken) against the US Dollar.
- There is a key bearish trend line in place with resistance at $56.00 on the hourly chart of the LTC/USD pair.
- LTC price could trade in a range for some time before it could recover above the $57.00 level.
Litecoin Price Forecast
This past week, there were heavy declines below the $65.00 and $60.00 supports in litecoin price against the US dollar. The LTC/USD pair traded below the $55.00 support as well before buyers appeared near $52.00.
Looking at the chart, LTC price traded as low as $51.85 and later started an upward recovery. It moved above the $53.00 and $54.00 levels. Moreover, there was a break above the 50% Fib retracement level of the last slide from the $58.40 high to $51.85 low.
However, the upside move was capped by the $57.00 resistance zone and the 100 hourly simple moving average. More importantly, the price failed to close above the 61.8% Fib retracement level of the last slide from the $58.40 high to $51.85 low.
There is also a key bearish trend line in place with resistance at $56.00 on the hourly chart of the LTC/USD pair. A break above the trend line, $57.00, and the 100 hourly SMA is needed for buyers to push the price back towards the $59.50 and $60.00 resistance levels.
On the other hand, if buyers fail to push the price above the $57.00 level, it could revisit the $52.00 support zone. Below $52.00, the price may even test the $50.00 level in the near term.
Overall, litecoin price is under a lot of pressure and any major recoveries are likely to face hurdles near $57.00 and $60.00 resistance levels. Only a close above $60.00 may well push the price back in a positive zone.