The price of Litecoin is presently held at $59 against USD. The LTC/USD needs to overcome the resistance of the $62 mark for challenging the high of $65.45 shortly.
Some Key Points to Talk about
- According to the data from Kraken, the price of Litecoin is held at essential support between the zone price range of $58.80-59.00
- On the LTC/USD hourly chart, the significant trend line is supported at the price mark of $ 60.40
- The price of LTC needs to remain over the price mark of $60.40 and $60.00 to garner support to climb higher.
Price Forecast – Litecoin
Post trading over the price level of $ 65.00, the prices of Litecoin had commenced a downwards price correction against USD. The pair of LTC/USD was trading under the support level of $64.00 and $62.00, and further has been tested at the $60.00 support.
As per the charts, the price of LTC had fallen under the support of $60 and the 100-hour SMA. LTC had reached a low of $58.85 before a correction in price increased its price a little higher and moved towards the price of $60.00.
It also witnessed the LTC/USD breaking away over the 23.6% Fib retracement level from its previous decline from a high of $ 65.45 to its low of $58.54. Further, its prices are presently trading over the $60.00 support and the 100 hourly Simple Moving Average. Essentially, the significant bullish trend line is placed at the support of $60.40 on the LTC/USD hourly chart. In case there is a downwards break from the trend line and the price level of $60.00, investors could witness more substantial losses in the coming future.
Also, the next significant support price of under $58.85 is near the level of $ 57.00. On a positive note, the connection bearing trend line is placed at a resistance of $ 62.00. Once the investors overcome the resistance of the $62.00 price level, the LTC prices can move closer to the $65 price level. However, these prices need to cross the 50% Fib retracement level from its previous decline from the high of $65.45 to its low of $58.85 at a price of $ 62.15 to gain any form of momentum.
None the less, the prices of Litecoin are most probably looking to reach the level of $65 once again upon clearing the price hurdle of $62.00 and $62.15