Litecoin Price Analysis: LTC/USD’s Rally Gains Pace, Buy Dips | Btc-News.info
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Litecoin Price Analysis: LTC/USD’s Rally Gains Pace, Buy Dips

Litecoin price gained bullish momentum and broke the $50.00 and $53.00 resistances against the US Dollar. LTC/USD remains well supported on dips near $52.00.

Key Talking Points

  • Litecoin price traded higher recently and tested the $55.00 zone (Data feed of Kraken) against the US Dollar.
  • There is a connecting bullish trend line in place with support at $51.60 on the hourly chart of the LTC/USD pair.
  • LTC price is currently correcting lower, but dips remain supported near $52.00 and $51.60.

Litecoin Price Forecast

In the last analysis, we discussed that litecoin price could continue to trade higher above $50.00 against the US dollar. The LTC/USD pair gained momentum and broke the $52.00 and $53.00 resistance levels.

Looking at the chart, LTC price even settled above the $52.00 resistance and the 100 hourly simple moving average. It traded above the $55.00 level and formed a high at $55.78. Later, the price started a downside correction and traded below $54.00.

There was a break below the 50% Fib retracement level of the recent wave from the $50.34 low to $55.78 high. However, there are many supports on the downside near the $52.00 level, which was a resistance earlier.

Moreover, there is a connecting bullish trend line in place with support at $51.60 on the hourly chart of the LTC/USD pair. Above the trend line, the 61.8% Fib retracement level of the recent wave from the $50.34 low to $55.78 high is a decent support near $52.42.

Therefore, if the pair continues to correct lower, it is likely to find a strong support near the $52.00 level. On the upside, an initial resistance is near $54.00, above which the price could revisit the $55.00-55.50 zone.

Overall, litecoin price is back in a positive zone as long as it is above the $52.00 level, there could be more gains. If there is a break below $52.00, there are high chances of an extended slide towards the $50.00 handle in the near term.

The market data is provided by TradingView.

The post Litecoin Price Analysis: LTC/USD’s Rally Gains Pace, Buy Dips appeared first on Ethereum World News.

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Author: Aayush Jindal
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