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Litecoin Price Analysis: LTC/USD Upside Break Looks Real

Litecoin News

 

Litecoin price remained above the $5100 assistance and recuperated versus the United States Dollar LTC/USD broke the $5200 resistance to move into a favorable zone.

KeyTalking Points

·price remained above the crucial $5100 and $5000 assistance (Data feed of Kraken) versus the United States Dollar.

·week’s followed essential bearish pattern line was cleared with resistance at $5200 on the per hour chart of the LTC/USD set.

·LTC price might continue to move greater towards the $5350 and $5500 resistance levels.

LitecoinPrice Forecast

Yesterday, we went over about an important assistance near the $5100 level in litecoin price versus the United States dollar. The LTC/USD set stayed above the $5100 assistance and later on acquired traction for an upside relocation.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price formed a low near $5130 and began an upside relocation. It traded above the $5200 resistance and the 100 per hour basic moving average. The upside relocation was strong as the price broke the 50% Fib retracement level of the current decrease from the $5324 high to $5130 low.

More significantly, today’s followed essential bearish pattern line was cleared with resistance at $5200 on the per hour chart of the LTC/USD set.

The set checked the $5250 level and the 61.8% Fib retracement level of the current decrease from the $5324 high to $5130 low. It is presently combining above the $5200 level with a favorable angle.

If purchasers stay in action, the price will more than likely relocation higher towards the $5350 resistance location. However, the most crucial obstacle for purchasers stay near $5500, above which the price might speed up towards the $6000 level.

On the disadvantage, the previous resistance near $5200 might possibly function as an assistance. Below $5200, the primary assistance levels are still $5100 and $5000

Overall, the current upside break in litecoin price is revealing favorable indications above $5200 Having stated that, LTC price requires to trade past the $5350 resistance to climb up even more greater towards the $5500 level.

The market information is offered by TradingView.

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Written by Ravi Gupat

Ravi grew up in India and graduated in Economics. He is a serial entrepreneur who has founded and exited several companies in tech and media over the past 15 years. He is also an early stage investor and advisor in various blockchain-based companies.

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