Litecoin price is holding the $52.00 support area against the US Dollar. LTC/USD remains well supported and it could bounce back above $54.00 in the near term.
Key Talking Points
Litecoin price is holding the $52.50 and $52.00 support levels (Data feed of Kraken) against the US Dollar.
There is a major bullish trend line formed with support at $52.20 on the hourly chart of the LTC/USD pair.
LTC price may continue to find a strong buying interest as long as it is above $52.00.
Litecoin Price Forecast
Recently, litecoin price tested the $54.00 resistance, but it failed to surpass it against the US dollar. The LTC/USD pair is currently moving lower, but it remains well supported above the $52.00 level.
Looking at the , LTC price recently moved above the $53.50 resistance. There was a break above the 23.6% Fib retracement level of the last slide from the $58.06 high to $52.21 low.
However, the upside move was capped by the $54.00 resistance. The price failed to gain traction and it slowly moved below the $53.50 level. The price is currently trading near the $52.50 level and is below the 100 hourly simple moving average.
On the downside, there is a decent support near the $52.00 and $52.20 levels. There is also a major bullish trend line formed with support at $52.20 on the hourly chart of the LTC/USD pair.
As long as the price is above the $52.00 support, it could bounce back. A break above the $53.50 and $54.00 resistance levels will most likely clear the path for more gains. The next hurdle could be near the $55.20 level and the 50% Fib retracement level of the last slide from the $58.06 high to $52.21 low.
On the flip side, if there is a downside break below $52.00, the price may well revisit the $50.00 support in the near term.
Overall, litecoin price is could trade above the $53.50 resistance as long as it is above $52.00.
The market data is provided by TradingView.
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