Litecoin price is forming a solid support above $54.00 against the US Dollar. LTC/USD is likely to extend gains above $60.00 in the near term.

Key Talking Points

There was a decent price action above the $53.00 swing low in litecoin price against the US dollar. The LTC/USD pair stayed above the $53.00 and $54.00 support levels, which is a positive sign.

Looking at the chart, LTC price attempted to clear the $54.00 level on a few occasions, but buyers succeeded in defending more losses. As a result, there was a minor upward move and the price moved above the $55.00 and $56.00 levels.

There was also a break above the 23.6% Fib retracement level of the last decline from the $62.20 swing high to $53.10 swing low. However, the current wave is prevented near the $57.70 and $58.00 levels.

There is also a major bearish trend line in place with resistance at $57.70 on the hourly chart of the LTC/USD pair. The trend line coincides with the 50% Fib retracement level of the last decline from the $62.20 swing high to $53.10 swing low.

Therefore, once the price breaks the trend line and the $58.00 resistance, there could be more gains in the near term. On the downside, the $55.00 level is an initial support. Below this, there is a trend line formed with current support at $54.00.

Moreover, the last swing low near $53.10 is also a key support. As long as the price is above these supports, the Litecoin price is likely to move higher in the near term above the $60.00 level.

The market data is provided by TradingView.

The post Litecoin Price Analysis: LTC/USD Could Climb Above $60 appeared first on Ethereum World News.

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