Litecoin Price Analysis: Buy Dips in LTC/USD Near $63

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Litecoin price climbed higher recently towards $68.00 against the US Dollar. LTC/USD is correcting lower, but dips remain supported near $63.00.

Key Talking Points

  • Litecoin price gained traction and moved above the $65.00 resistance area (Data feed of Kraken) against the US Dollar.
  • There is a major bullish trend line formed with current support at $63.30 on the hourly chart of the LTC/USD pair.
  • LTC price could correct lower in the short term, but buyers are likely to appear near $64.00 and $63.00.

Litecoin Price Forecast

Recently, there was a nice upside move from the $60.00 swing low in litecoin price against the US dollar. The LTC/USD pair traded higher and broke the $65.00 and $66.00 resistance levels.

Litecoin Price Analysis LTC

Looking at the chart, LTC price even broke the $67.00 level and formed a high at $67.71. Later, the price started a downside correction and traded below the $66.00 level.

There was also a break below the 23.6% Fib retracement level of the last wave from the $58.66 low to $67.71 high. It is currently trading below the $65.00 level, but there are many supports on the downside near the $64.00 and $63.00 levels.

More importantly, there is a major bullish trend line formed with current support at $63.30 on the hourly chart of the LTC/USD pair. The same trend line coincides with the 50% Fib retracement level of the last wave from the $58.66 low to $67.71 high.

Lastly, the 100 hourly simple moving average is also positioned near the $63.00 level. Therefore, if the price corrects lower, it is likely to find support near the $63.50 and $63.00 levels. Below the trend line, the price could drop back towards the $60.00 support.

Should the price bounce back from the $63.00 support area, it could move above $65.00 once again to test the $67.00 and $68.00 levels.

Overall, litecoin price is placed nicely in a positive zone above the $63.00 level. Buying the short term can be considered as long as there is no close below $62.00 and 100 SMA.

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