Litecoin price moved higher after forming a base near $53.00 against the US Dollar. LTC/USD is now well above $55.00 and eyeing further gains.
Key Talking Points
- Litecoin price formed a solid support base near $53.00 and started an upside ride against the US Dollar.
- There was a break above a bearish trend line with resistance at $54.50 on the hourly chart of LTC/USD.
- The pair has now turned buy on dips near the $56.00 and $55.00 support levels in the short term.
Litecoin Price Forecast
There were a couple of swing moves in Litecoin price towards the $53.00 level against the US Dollar. However, sellers failed to push the price below $53.00 for a test of the all-important $50.00 handle.
As a result, there was a support formed at $53.00-53.10. Later, the price started an upside move and broke many hurdles such as $54.00, $55.00 and the 100 hourly simple moving average. Moreover, there was also a break above a bearish trend line with resistance at $54.50 on the hourly chart of LTC/USD (data feed from Kraken).
The pair traded as high as $58.03 recently and is currently consolidating gains. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $53.15 low to $58.03 high.
However, the most important support for buyers is near $55.50. It is the 50% Fib retracement level of the last wave from the $53.15 low to $58.03 high and also coincides with the 100 hourly simple moving average.
Therefore, any dips from the current levels toward $56.00 and $55.00 can be seen as a decent buying opportunity as long as there is no close below the 100 hourly SMA.
On the upside, a break of the recent high at $58.03 would open the doors for a test of the $60.00 handle. Above $60.00, the next major hurdle is at $62.50.
The hourly RSI for LTC/USD is in the bullish zone and suggesting a short term correction. However, any corrections toward $56.00 should be limited considering the current market sentiment.
Trade safe traders and do not overtrade!
TheBitcoinNews.com – Bitcoin News source since June 2011 –
Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. TheBitcoinNews.com holds several Cryptocurrencies, and this information does NOT constitute investment advice or an offer to invest.
Everything on this website can be seen as Advertisment and most comes from Press Releases, TheBitcoinNews.com is is not responsible for any of the content of or from external sites and feeds. Sponsored posts are always flagged as this, guest posts, guest articles and PRs are most time but NOT always flagged as this. Expert opinions and Price predictions are not supported by us and comes up from 3th part websites.
Advertise with us : Advertise