Litecoin price found support near the $54.00 level and recovered against the US Dollar. LTC/USD is moving higher and it seems like it could correct to $60.00.
Key Talking Points
· Litecoin price is slowly and steadily recovering from the $54.00 low (Data feed of Kraken) against the US Dollar.
· There is a short-term ascending channel in place with support at $56.00 on the hourly chart of the LTC/USD pair.
· LTC price could continue to correct higher in the near term towards $60.00 or $61.65.
Litecoin Price Forecast
Yesterday, we saw a major downside move below $60.00 in litecoin price against the US dollar. The LTC/USD pair even broke the $55.00 level and traded as low as $54.00.
Looking at the, LTC price found support near the $54.00 level and later it started an upside correction. It moved above the $55.00 and $56.00 levels during the recent recovery, but it seems like the price is facing many hurdles on the upside.
At the moment, the price is trading just above the 23.6% Fib retracement level of the last decline from the $69.30 high to $54.00 low. Moreover, there is a short-term ascending channel in place with support at $56.00 on the hourly chart of the LTC/USD pair.
The pair may perhaps slowly rise towards the $60.00 level, which is likely to act as a hurdle for more gains. If buyers succeed in clearing the $60.00 resistance, the price could test the $61.60 level. It represents the 50% Fib retracement level of the last decline from the $69.30 high to $54.00 low.
Above this, the $62.00 level and the 100 hourly simple moving average are important resistances. On the other hand, if the price fails to break the $60.00 or $61.60 resistance, it could drop back towards the $56.00 level.
Overall, litecoin price is currently showing recovery signs above the $56.00 level. However, it won’t be easy for LTC/USD to correct above the $60.00 or $61.60 level in the near term.
The market data is provided by TradingView.