Litecoin price is holding the $56.50 support very well against the US Dollar. LTC/USD could break to the upside towards the $60.00 and $62.00 levels.
During the past few days, there were mostly range moves above the $56.00 support in litecoin price against the US dollar. The LTC/USD pair is consolidating above $56.00 and it could accelerate higher in the near term.
Looking at the chart, LTC price tested the $56.50 support level on three occasions. Sellers clearly struggled to break the $56.50 and $56.00 support levels, which increases chances of an upside move in the near term.
The price is currently trading above the 23.6% Fib retracement level of the last drop from the $61.44 high to $56.58 low. However, there is a strong resistance formed around $58.00 and the 100 hourly simple moving average.
There is also a short-term bearish trend line in place with resistance at $58.00 on the hourly chart of the LTC/USD pair. The pair has to break the trend line, $58.00, and the 100 hourly SMA to gain upside momentum.
The next resistance is near the $59.00 level and the 50% Fib retracement level of the last drop from the $61.44 high to $56.58 low. Above this, the price is likely to accelerate above the $60.00 resistance in the coming sessions.
To sum up, litecoin price is trading above the strong $56.00 support. As long as buyers remain in action above the $56.00 support, the price is likely to break to the upside. The next major hurdles for buyers are near the $60.00 and $62.00 resistance levels. On the downside, supports below $56.00 are at $52.00 and $50.00.
Key Talking Points
- Litecoin price is trading nicely above the $56.00 and $56.50 support levels (Data feed of Kraken) against the US Dollar.
- There is a short-term bearish trend line in place with resistance at $58.00 on the hourly chart of the LTC/USD pair.
- LTC price could break higher to test the $60.00 and $62.00 resistance levels.
