Litecoin Price Analysis: LTC/USD Likely To Break Downtrend Resistance

Spread the love
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  

Litecoin price is struggling to clear the $58.00-60.00 resistance against the US Dollar. LTC/USD is likely to break the downtrend resistance for more gains towards $65.00.

Key Talking Points

  • Litecoin price is still holding the $560.00 support area with bearish moves (Data feed of Kraken) against the US Dollar.
  • This week’s followed crucial bearish trend line is still in place with current resistance at $59.00 on the hourly chart of the LTC/USD pair.
  • LTC price is likely to break the downtrend resistance at $59.00 and $60.00 for an upward move.

Litecoin Price Forecast

During the past few sessions, there were mostly bearish moves below $60.00 in litecoin price against the US dollar. The LTC/USD pair struggled a lot to break the $59.00 and $60.00 resistance levels.

Litecoin Price Analysis: LTC/USD Likely To Break Downtrend Resistance

Looking at the chart, LTC price is still holding the key support area above the $56.00 level. The recent low was formed at $56.50 and later the price started an upside correction.

However, the upside move was capped by the $58.00, $59.00 and $60.00 resistance levels. There was a push above the 23.6% Fib retracement level of the recent decline from the $61.45 swing high to $56.50 swing low.

However, buyers struggled to clear the $59.00 level, resulting in a bearish reaction. Additionally, there was a rejection noted near the 50% Fib retracement level of the recent decline from the $61.45 swing high to $56.50 swing low.

The most important hurdle for buyers is this week’s followed crucial bearish trend line with current resistance at $59.00 on the hourly chart of the LTC/USD pair.

Moreover, the 100 hourly simple moving average is also near the trend line resistance at $58.50. Therefore, if there is an upside break above the trend line and the 100 hourly SMA, there could be more gains in the near term above the $60.00 level.

In the mentioned case, the price is likely to visit the $64.00 and $65.00 levels. On the downside, litecoin price should hold the $56.00 support. If not, there is a risk of more losses towards the $50.00 level.

The market data is provided by TradingView.

One Comment on “Litecoin Price Analysis: LTC/USD Likely To Break Downtrend Resistance”

  1. Hi,
    Hope all is well…
    Can I ask if you will be interested to know “how your website stupen.com can be setup with some Ninja Video Marketing technique that will pull in tons of qualified leads everyday for your business on autopilot basis…” ?
    Thank you.
    Glen
    Assistant Manager
    The Prospecto

Comments are closed.