Litecoin price remained in an uptrend above the $54.00 support level against the US dollar. LTC is currently consolidating and it is likely to outpace bitcoin and Ethereum in the near term.
Key Talking Points
This past week, we saw a solid upward move in litecoin price above the $52.00 resistance against the US dollar. The LTC/USD pair gained momentum above the $54.00 resistance and posted heavy gains as compared to bitcoin, ripple, Ethereum, EOS, and other cryptocurrencies.
Looking at the chart, LTC price even broke the $58.00 resistance and settled above the 100 hourly simple moving average. A new monthly high was formed near the $58.6 level before the pair started a downside correction.
There was a dip below the $55.00 support and the 23.6% Fib retracement level of the last wave from the $44.65 low to $48.67 high. However, losses remain supported above the $54.00 support area and the pair revisited the $59.00 resistance area.
At the moment, the price is consolidating gains above the $54.00 and $55.00 support levels. There is also a key bullish trend line formed with support at $55.50 on the hourly chart.
If there is a downside break below the trend line and $54.00, the pair could test the $51.60 support and the 50% Fib retracement level of the last wave from the $44.65 low to $48.67 high. An intermediate support is near the $53.50 level, which is also a pivot level.
The overall price action is positive for litecoin price above the $54.00 support area. There are high chances of more gains upsides in LTC above the $58.00 and $59.00 resistance levels, especially if other cryptocurrencies gain traction in the near term.
The market data is provided by TradingView.
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