Published: 2018-11-02 04:29:43

Litecoin price traded further higher and traded above the $50.00 resistance against the US Dollar. LTC/USD could continue to move higher towards $53.00.

Key Talking Points

  • Litecoin price is slowly moving higher and it recently broke the $50.00 resistance (Data feed of Kraken) against the US Dollar.
  • Yesterday’s highlighted key bearish trend line was breached with resistance at $50.20 on the hourly chart of the LTC/USD pair.
  • LTC price is currently placed nicely above the $50.00 level and the 100 hourly SMA.

Litecoin Price Forecast

After trading as low as $47.86, litecoin price started a decent upward move against the US dollar. The LTC/USD pair broke the $49.00 resistance, started consolidating gains, and finally made another move up.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price started a short term correction from the $50.20 swing high. It corrected a few points, but the $49.40 level acted as a decent support. As a result, there was another upward move and the price broke the $50.00 resistance.

There was even a close above the $50.00-50.20 resistance and the 100 hourly simple moving average. Moreover, yesterday’s highlighted key bearish trend line was breached with resistance at $50.20 on the hourly chart of the LTC/USD pair.

The pair traded as high as $50.89 recently and it is currently correcting lower. It seems like the same broken trend line is now acting as a support near the $50.50 level. The next support is near the 23.6% Fib retracement level of the recent wave from the $47.86 low to $50.89 high.

However, the main support on the downside is near the $49.40 level and the 100 hourly simple moving average. Besides, the 50% Fib retracement level of the recent wave from the $47.86 low to $50.89 high is near $49.40.

Therefore, if litecoin price corrects lower, it is likely to find support near the $50.00 and $49.40 levels. On the upside, a break above the $51.00 resistance may open the doors for a push towards the $53.00 resistance.

The market data is provided by TradingView.

The views and opinions expressed in the article Litecoin Price Analysis: LTC/USD Recovery Looks Real, More Gains Possible do not reflect that of 48coins.com nor of its originally published source. Article does not constitute financial advice. Proceed with caution and always do your own research.

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