The price of Litecoin is struggling to clear 58-60 USD resistance. LTC/USD are about to break the downtrend resistance for the more gain ranging towards 65 USD.
Main Points To Be Discussed
- The price of Litecoin is still holding at $560 support area with the help of bearish moves.
- The crucial bearish trend of this week is still in the line with the current resistance of $59.00.
- The LTC price is likely to increase from $58.00 and make an upward move from $60.00.
Forecast of Litecoin Price
The Litecoin price has been fluctuating a lot between $58-60. LTC/USD pair has struggled a lot to break the resistance levels of $59.00 and $60.00.
If the price chart of LTC has been observed it is quite notable that the price has been varying between $58-60. The lowest value was $56.50 and there was an immediate improvement in the price later.
But the sad thing was the upside improvement was usually capped between $58-60 resistance level. The swing high was at $61.45 whereas the lowest swing was at $56.50.
The buyers struggled a lot to clear the $59.00 level and this resulted in the bearish reaction. On top of that, there was a noted rejection near 50% Fib retracement level that caused due to the recent decline from $61.45 to $56.50.
Buyers faced a lot of hurdles related to LTC this week. One of the most important and toughest hurdles was this week’s crucial bearish trend that was followed was in line with the current resistance at the rate of $59.00 on the LTC/USD pair hourly chart.
The simple moving average of 100 hourly is near to the $58.50 trend line resistance. So if there is an upside breakdown in the 100 hourly SMA and above the trend line then there would be more gains in the near period above the level of $60.00.
As far as now, the price of LTC is likely to reach $64.00 and $65.00 levels or it can be stooped down to $56.00 support. If not there will be more losses towards the level of $56.00.