Litecoin (LTC) Price Remains In Uptrend, Target Above $65

Litecoin price started a
downside correction and tested the $59.00 support against the US dollar. LTC is
holding key supports and it could bounce back above $60.00 and $62.00.

Key Talking Points

  • Litecoin price corrected lower after trading as
    high as $61.26 (Data feed of Kraken) against the US Dollar.
  • There is a major bullish trend line in place
    with support at $59.00 on the hourly chart.
  • LTC price remains supported near the $59.00 and
    $58.75 levels, with a positive bias.

Litecoin Price Analysis (LTC)

After a decent upward move, bitcoin, Ethereum, EOS, litecoin and ripple corrected lower against the US Dollar. The LTC/USD pair formed a new weekly high at $61.26 and later corrected below the $60.00 support.

Looking at the chart, LTC price even broke the $59.00 support level, but the $58.75 level acted as a strong support. A swing low was formed at $58.71 and later the price corrected above the $59.50 level and the 100 hourly simple moving average.

There was a break above the 23.6% Fib retracement level of
the last decline from the $61.26 high to $58.71 low. However, the price faced a
strong resistance near the $60.00 level and a connecting bearish trend line on
the hourly chart.

Besides, there was no close above the 50% Fib retracement
level of the last decline from the $61.26 high to $58.71 low. The price failed
to gain momentum above $60.00 and it is currently consolidating.

On the downside, there is a major bullish trend line in
place with support at $59.00 on the same chart. It seems like there is a strong
support formed near $58.75 and $59.00, below which the price may move into a
bearish zone and it could test $57.00.

Litecoin price is clearly trading above key supports and it
may trade in a range below $60.00 for the next few hours before the next break.
LTC is likely to break the $60.00 and $61.00 resistance levels as long as there
is no close below the $58.75 support level.

The market data is provided by TradingView.

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