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Litecoin (LTC) Price Analysis: Significant Bullish Breakout Looming

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Litecoin price is currently consolidating above $60.00 and $59.00 supports against the US Dollar. LTC could surge higher if it clears the $62.20 and $62.50 resistance levels in the near term.

Key Talking Points

  • Litecoin price is currently trading in a range above the $59.50 support (Data feed of Kraken) against the US Dollar.
  • There is a major bullish trend line in place with support at $59.60 on the 4-hour chart.
  • LTC price is likely to accelerate gains once there is a break above the $62.20 swing high.

Litecoin Price Analysis (LTC)

This past week was positive for bitcoin, Ethereum, EOS, ripple, litecoin and other altcoins against the US dollar. The LTC/USD pair remained in a bullish zone, but it faced a strong resistance near the $62.00 and $62.20 levels.

Litecoin Price Analysis LTC Chart

Looking at the 4-hour chart, LTC price started a downside correction after trading as high as $62.16. It corrected below the $60.00 support and the 23.6% Fib retracement level of the last upside from the $52.08 low to $62.16 high.

However, the price found a strong support near the $57.50 level and the 100 simple moving average (4-hour). Besides, the 50% Fib retracement level of the last upside from the $52.08 low to $62.16 high also acted as a decent support.

Later, the price bounced back above $60.00 and $61.00. However, it failed to clear the $62.00 resistance area. It is currently trading in a range above the $59.50 support. There is also a major bullish trend line in place with support at $59.60 on the 4-hour chart.

Above the trend line, the 100 simple moving average (4-hour) is positioned near the $59.80 level to act as a strong support. Therefore, dips towards the $59.80 and $59.60 levels remain supported. If there is a downside break below $59.60, the price may revisit the $57.50 support.

On the upside, litecoin price needs to gain strength above the $62.00 resistance area to climb further higher. Once LTC settles above the $62.00 level and clears the $62.20 resistance, there could be an upside acceleration towards the $65.00 and $66.00 levels.

The market data is provided by TradingView.

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