Key Talking Points
- Litecoin price dipped recently, but it found a decent support near $64.50 (Data feed of Kraken) against the US Dollar.
- Yesterday’s highlighted key bullish trend line is intact with current support at $64.80 on the hourly chart of the LTC/USD pair.
- LTC price is preparing for the next move and it could break the $67.50 zone for more gains.
Litecoin Price Forecast
Yesterday, there was a minor downside move below $66.00 in litecoin price against the US dollar. The LTC/USD pair traded below the $65.00 level, but the $64.50 support area acted as a strong support.
Looking at the chart, LTC price dipped and traded as low as $64.17. Later, the price started consolidating losses and traded above the $64.50 support. It slowly moved higher and broke the $65.00 and $66.00 resistance levels.
It traded as high as $67.25 and it is currently correcting lower. It breached the 23.6% Fib retracement level of the last leg from the $64.17 low to $67.25 high. However, the $65.70 level acted as a support and prevented further losses.
It seems the 50% Fib retracement level of the last leg from the $64.17 low to $67.25 high acted as a support. If the price slides further, it could test the $65.00 support. More importantly, yesterday’s highlighted key bullish trend line is intact with current support at $64.80 on the hourly chart of the LTC/USD pair.
The same trend line is positioned with the 100 hourly simple moving average at $64.30. Therefore, if the price dips from the current levels, the $64.50-80 zone is likely to act as a strong support.
Once the current correction is complete, litecoin price is likely to trade above the $67.00 and $67.25 levels in the near term. Finally, it could even make an attempt to surpass $68.00 to set a new weekly high.