Key Talking Points
- Litecoin price is trading positively above the $55.00 support area (Data feed of Kraken) against the US Dollar.
- Sellers are attempting a close below a major ascending channel with support at $57.75 on the hourly chart of the LTC/USD pair.
- LTC price may continue to face a strong selling interest near the $60.00 resistance in the near term.
Litecoin Price Forecast
Recently, litecoin price dipped towards $55.00 where it found support against the US dollar. The LTC/USD pair traded as low as $54.36 before it started an upward move.
Looking at the chart, LTC price recovered above the $58.00 level and a key connecting bearish trend line with resistance at $55.50. Moreover, there was a break above the 23.6% Fib retracement level of the last decline from the $63.76 high to $54.36 low.
However, buyers failed to keep the price above the $60.00 level and the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the last decline from the $63.76 high to $54.36 low also acted as a resistance.
The price started a fresh downside move and traded below the $58.00 level. Additionally, sellers are attempting a close below a major ascending channel with support at $57.75 on the hourly chart of the LTC/USD pair.
If there is a close below the $57.00 level, the price may decline back towards the $55.00 support. Below the mentioned $55.00, the price is likely to revisit the $52.00 level.
Overall, litecoin price seems to be facing a tough resistance near the $59.50 and $60.00 levels. As break and close above $60.00 is needed for an upside extension towards the $62.00 level. On the downside, the main supports for buyers are $55.00 and $54.50.
If the price stays above $55.00, there are high chances of a break above the $60.00 barrier.
The market data is provided by TradingView.