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Litecoin price surged higher recently and moved above $60 against the US Dollar. LTC/USD is currently correcting lower and testing a major support at $62.00.

Key Talking Points

  • Litecoin price gained pace during the past few days and settled above $60.00 against the US Dollar.
  • There is a crucial bullish trend line with support at $62.00 forming on the hourly chart of LTC/USD.
  • The pair is currently trading near the trend line support and remains in an uptrend above $60.00.

Litecoin Price Forecast

There was a nice upside move from the $48.00 swing low in Litecoin price against the US Dollar. The price broke many resistances on the way up such as $50.00, $55.00 and $60.00, and formed a new monthly high at $69.64.

Later, a correction wave was initiated and the price moved below the 38.2% Fib retracement level of the last wave from the $55.00 low to $69.64 high. However, the downside move was protected by a crucial bullish trend line with support at $62.00 on the hourly chart of LTC/USD (data feed of Kraken exchange).

Litecoin price surged higher recently and moved above $60 against the US Dollar. LTC/USD is currently correcting lower and testing a major support at $62.00. Key Talking Points Litecoin price gained pace during the past few days and settled above $60.00 against the US Dollar. There is a crucial bullish trend line with support at $62.00 forming on the hourly chart of LTC/USD. The pair is currently trading near the trend line support and remains in an uptrend above $60.00. Litecoin Price Forecast There was a nice upside move from the $48.00 swing low in Litecoin price against the US Dollar. The price broke many resistances on the way up such as $50.00, $55.00 and $60.00, and formed a new monthly high at $69.64. Later, a correction wave was initiated and the price moved below the 38.2% Fib retracement level of the last wave from the $55.00 low to $69.64 high. However, the downside move was protected by a crucial bullish trend line with support at $62.00 on the hourly chart of LTC/USD (data feed of Kraken exchange). Moreover, the 50% Fib retracement level of the last wave from the $55.00 low to $69.64 high is also acting as a support near $62.35. Therefore, the $62.00 support zone is significant and must hold the current decline. Below $62.00, the pair could even test the 61.8% Fib retracement level of the last wave from the $55.00 low to $69.64 high at $60.66. The mentioned $60.66 support is also close to the 100 hourly simple moving average. As long as the pair is above the $60.00 handle, it remains in an uptrend. It will most likely resume its uptrend and trade back towards $64.00. Above $64.00, the pair would look to test the $68.00 resistance zone. The hourly RSI for LTC/USD is currently below the 50 level, but stable. The MACD is showing a few bearish signs with a divergence. To sum up, it all depends on the $62.00 and $60.00 support levels in the short term.   Trade safe traders and do not overtrade!

Moreover, the 50% Fib retracement level of the last wave from the $55.00 low to $69.64 high is also acting as a support near $62.35. Therefore, the $62.00 support zone is significant and must hold the current decline.

Below $62.00, the pair could even test the 61.8% Fib retracement level of the last wave from the $55.00 low to $69.64 high at $60.66. The mentioned $60.66 support is also close to the 100 hourly simple moving average.

As long as the pair is above the $60.00 handle, it remains in an uptrend. It will most likely resume its uptrend and trade back towards $64.00. Above $64.00, the pair would look to test the $68.00 resistance zone.

The hourly RSI for LTC/USD is currently below the 50 level, but stable. The MACD is showing a few bearish signs with a divergence. To sum up, it all depends on the $62.00 and $60.00 support levels in the short term.

Trade safe traders and do not overtrade!


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