Litecoin Price Analysis

Litecoin (LTC) Analysis: Price Could Keep Rising Toward $40

Litecoin Price Analysis LTC Chart

Litecoin price followed a bullish path and recovered above $30.00. LTC may continue to move higher and it could test the $38.00 or $40.00 resistance level.

Key Talking Points

  • Litecoin price recovered nicely and broke the $30.00 and $32.00 resistances (Data feed of Kraken) against the US Dollar.
  • There is a major bullish trend line in place with support at $30.50 on the hourly chart.
  • LTC price remains well supported on dips and it could extend gains above $38.00 in the near term.

Litecoin Price Analysis

After forming a base above the $25.00 level, litecoin price recovered nicely above the $30.00 barrier against the US dollar. The LTC/USD pair even broke the $30.00 and $32.00 resistance levels to move into a bullish zone.  Similarly, bitcoin, ripple, Ethereum and EOS are placed nicely in a positive zone.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price even climbed above the $33.00 level and formed a new weekly high at $33.06. At the moment, the price is correcting lower towards $31.00, but it remains well above the 100 hourly simple moving average.

An initial support is near the $30.85 level (the previous resistance) and the 50% Fib retracement level of the last wave from the $28.63 low to $33.06 high. More importantly, there is a major bullish trend line in place with support at $30.50 on the hourly chart.

The trend line support coincides with the 61.8% Fib retracement level of the last wave from the $28.63 low to $33.06 high. Besides, the 100 hourly SMA is positioned below the trend line near $30.00 to act as a solid support.

Therefore, if the price corrects lower, it is likely to find a strong support near the $30.00 zone. On the upside, the price must break the $32.50-33.00 zone to extend the current wave.

The next stop for litecoin buyers could be near the $38.00 level, above which LTC is likely to climb towards the $40.00 level. On the downside, a break below $30.00 may push the price towards $27.70.

The market data is provided by TradingView.

Aayush Jindal
About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets Reach Aayush via email: [email protected]