Litecoin price rallied recently above $52.00 and $55.00 against the US Dollar. LTC is likely to accelerate further above $60.00 in the near term and it could gain versus BTC as well.
Key Talking Points
- Litecoin price climbed higher sharply above the $52.00 and $55.00 resistances (Data feed of Kraken) against the US Dollar.
- There is a short term breakout pattern in place with resistance at $57.20 on the 4-hour chart.
- LTC price could dip a few points towards $54.00 before a fresh upward move in the near term.
Litecoin Price Analysis (LTC)
After consolidating above the $45.00 support level, litecoin price started a strong upward move against the US dollar. The LTC/USD pair gained traction above the $50.00 pivot level and broke the $52.00 resistance.
Looking at the 4-hour chart, LTC price settled above the $52.00 resistance and the 100 simple moving average (4-hour). It opened the doors for more gains and the price climbed above the $55.00 and $57.00 resistance levels. A new monthly high was formed at $58.64 and later the price started consolidating gains.
It traded below $57.00 and the 23.6% Fib retracement level of the last wave from the $51.12 low to $58.64 high. At the outset, there is a short term breakout pattern in place with resistance at $57.20 on the 4-hour chart.
If there is a break above the $57.20 and $58.00 resistance levels, the price is likely to climb above the $58.60 and $60.00 resistance levels in the near term. The next stop for buyers could be near the $62.50 and $64.00 levels. Any further gains may push the price towards the $65.00 level.
On the other hand, litecoin price could decline a few points towards the $55.00 or $54.00 support levels to fill buy orders. Below $54.00, LTC could even test the $53.40 support level, where buyers may emerge. The current price action is positive and it seems like LTC could gain traction along with bitcoin, binance coin, Ethereum, EOS, ICX, ripple and others in the coming sessions.
The market data is provided by TradingView.
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