Key Talking Points
- Litecoin price rallied recently above the $54.00 and $56.00 resistance levels (Data feed of Kraken) against the US Dollar.
- There is a key bullish trend line formed with support at $55.50 on the hourly chart.
- LTC price is likely to consolidate in the short term before making an attempt to climb above $60.00.
This past week, we saw a solid upward move in litecoin price above the $52.00 resistance against the US dollar. The LTC/USD pair gained momentum above the $54.00 resistance and posted heavy gains as compared to bitcoin, ripple, Ethereum, EOS, and other cryptocurrencies.
Looking at the chart, LTC price even broke the $58.00 resistance and settled above the 100 hourly simple moving average. A new monthly high was formed near the $58.6 level before the pair started a downside correction.
There was a dip below the $55.00 support and the 23.6% Fib retracement level of the last wave from the $44.65 low to $48.67 high. However, losses remain supported above the $54.00 support area and the pair revisited the $59.00 resistance area.
At the moment, the price is consolidating gains above the $54.00 and $55.00 support levels. There is also a key bullish trend line formed with support at $55.50 on the hourly chart.
If there is a downside break below the trend line and $54.00, the pair could test the $51.60 support and the 50% Fib retracement level of the last wave from the $44.65 low to $48.67 high. An intermediate support is near the $53.50 level, which is also a pivot level.
The overall price action is positive for litecoin price above the $54.00 support area. There are high chances of more gains upsides in LTC above the $58.00 and $59.00 resistance levels, especially if other cryptocurrencies gain traction in the near term.
The market data is provided by TradingView.
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