Litecoin price traded higher and broke the $58.00 and $60.00 resistances against the US Dollar. LTC/USD may continue to move higher towards the $70.00 level in the near term.
There was a decent rise from the $54.00 support area in litecoin price against the US dollar. The LTC/USD pair traded higher and broke the $58.00 and $60.00 resistances to move into a positive zone.
Looking at the chart, LTC price settled above the $60.00 level and the 100 hourly simple moving average. It even broke the $62.00 resistance and traded close to the next resistance at $65.00.
A high was formed at $63.80 before the price corrected lower. It declined below $62.00 and the 50% Fib retracement level of the last wave from the $58.13 low to $63.80 high. However, the decline was protected by the $60.50 and $60.00 levels.
Moreover, the 61.8% Fib retracement level of the last wave from the $58.13 low to $63.80 high also acted as a support. At the moment, there is a key bullish trend line in place with support at $60.50 on the hourly chart of the LTC/USD pair.
As long as the pair is above the trend line support, there could be a recovery towards the $64.00 and $65.00 levels. Above this last, the price may move further higher towards the $68.00 level. The final target for buyers could be the $70.00 level.
On the downside, a break below the trend line may push the price back towards the $58.00 support and the 100 hourly SMA. Overall, litecoin price is placed nicely for more gains above the $64.00 level.
Key Talking Points
- Litecoin price gained traction and broke the $60.00 barrier recently (Data feed of Kraken) against the US Dollar.
- There is a key bullish trend line in place with support at $60.50 on the hourly chart of the LTC/USD pair.
- LTC price remains well supported for more gains above the $64.00 and $65.00 levels in the near term.
Litecoin Price Forecast
Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets
