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!
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