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Litecoin Price Analysis: Can LTC/USD Break This Resistance?
Litecoin price started a correction and moved above $54.00 against the US Dollar. LTC/USD is currently trading near a crucial hurdle at $56.50-58.00, which is capping upsides.
Litecoin price corrected a few points after trading as low as $49.40 (Data feed of Kraken) against the US Dollar.
This week’s followed key bearish trend line is acting as a hurdle near $58.00 on the hourly chart of the LTC/USD pair.
Litecoin Usd Price Chart , 100 hourly SMA and the $58.00 level.
There was a decent support base formed near the $49.50 level in litecoin price against the US dollar. The LTC/USD pair started an upside move and corrected above the $52.00 and $54.00 levels.
, LTC price found bids near the $50.00 level and a connecting support trend line. The price recovered and moved above the $54.50 and $55.00 resistance levels.
The upside move was positive as the price traded above the 50% Fib retracement level of the last main drop from the $60.60 swing high to $49.50 swing low. However, the price is currently facing a lot of hurdles near the $56.50 and $58.00 levels.
The 100 hourly simple moving average along with the 61.8% Fib retracement level of the last main drop from the $60.60 swing high to $49.50 swing low is near $56.50. Above this, there is a significant resistance near $58.00.
More importantly, this week’s followed key bearish trend line is acting as a hurdle near $58.00 on the hourly chart of the LTC/USD pair. Therefore, it won’t be easy for litecoin buyers to break the $56.50 and $58.00 resistances.
If they succeed, the price could move above the $60.00 level in the near term. On the other hand, if they fail, the price may drop back towards the $52.00 and $50.00 support levels.
Overall, litecoin price is slowly recovering, but it is facing a tough challenge near $58.00, above which, LTC/USD will most likely move back into a positive zone.
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Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets
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