Litecoin worth gained momentum and broke the $59.00 and $60.00 resistances towards the US Greenback. LTC/USD could right a number of factors, but it surely stays supported.
Key Speaking Factors
· Litecoin worth was in a position to climb larger above the $59.00 and $60.00 resistances (Knowledge feed of Kraken) towards the US Greenback.
· There are two essential bullish development traces fashioned with helps at $58.00 and $57.50 on the hourly chart of the LTC/USD pair.
· LTC worth traded as excessive as $61.00 and it’s at the moment consolidating beneficial properties.
Litecoin Value Forecast
Yesterday, we mentioned a doable upside transfer above $58.00 in litecoin worth towards the US greenback. The LTC/USD pair began a pleasant bullish wave and broke many resistances like $58.00 and $60.00.
Trying on the, LTC worth traded with a bullish angle from the $55.99 swing low and traded sharply larger. There was additionally an in depth above the $58.00 resistance and the 100 hourly easy shifting common.
A very powerful transfer was above the $60.00 pivot degree and later the worth traded as excessive as $61.00. Later, the worth began consolidating beneficial properties close to the $60.00 degree. An preliminary assist is the 23.6% Fib retracement degree of the latest wave from the $55.99 low to $61.00 excessive.
Under the 23.6% fib degree, the damaged resistance close to $59.20 is the following assist. Extra importantly, there are two essential bullish development traces fashioned with helps at $58.00 and $57.50 on the hourly chart of the LTC/USD pair.
The primary development line coincides with the 50% Fib retracement degree of the latest wave from the $55.99 low to $61.00 excessive. Nevertheless, a very powerful assist is close to the $57.00 zone and the 100 hourly SMA.
Subsequently, if the worth corrects decrease from the present ranges, it’s prone to discover assist close to the $58.00 and $57.50 ranges. As soon as the present consolidating and correction is full, the worth may resume its upside transfer above the $61.00 degree.
The following main resistance for litecoin worth is close to the $64.00 degree adopted by $65.00.
The market knowledge is supplied by TradingView.