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Litecoin price gained momentum and broke the $59.00 and $60.00 resistances against the US Dollar. LTC/USD may correct a few points, but it remains supported.
Litecoin price was able to climb higher above the $59.00 and $60.00 resistances (Data feed of Kraken) against the US Dollar.
There are two important bullish trend lines formed with supports at $58.00 and $57.50 on the hourly chart of the LTC/USD pair.
LTC price traded as high as $61.00 and it is currently consolidating gains.
Yesterday, we discussed a possible upside move above $58.00 in litecoin price against the US dollar. The LTC/USD pair started a nice bullish wave and broke many resistances like $58.00 and $60.00.
, LTC price traded with a bullish angle from the $55.99 swing low and traded sharply higher. There was also a close above the $58.00 resistance and the 100 hourly simple moving average.
The most important move was above the $60.00 pivot level and later the price traded as high as $61.00. Later Current Ethereum Price , the price started consolidating gains near the $60.00 level. An initial support is the 23.6% Fib retracement level of the recent wave from the $55.99 low to $61.00 high.
Below the 23.6% fib level, the broken resistance near $59.20 is the next support. More importantly, there are two important bullish trend lines formed with supports at $58.00 and $57.50 on the hourly chart of the LTC/USD pair.
The first trend line coincides with the 50% Fib retracement level of the recent wave from the $55.99 low to $61.00 high. However, the most important support is near the $57.00 zone and the 100 hourly SMA.
Therefore, if the price corrects lower from the current levels, it is likely to find support near the $58.00 and $57.50 levels. Once the current consolidating and correction is complete, the price could resume its upside move above the $61.00 level.
The next major resistance for litecoin price is near the $64.00 level followed by $65.00.
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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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