Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Approaching Next Bullish Break

Litecoin price is facing a strong resistance near the $45.00 area against the US dollar. LTC remains well supported and it could soon break the $45.00 and $48.00 resistances.

Key Talking Points

  • Litecoin price rallied this past week and settled above the $42.00 support (Data feed of Kraken) against the US Dollar.
  • There is a major bullish trend line in place with support at $42.80 on the hourly chart.
  • LTC price could dip a few points, but it may soon break the $45.00 resistance area.

Litecoin Price Analysis

This past week, there were bullish moves above the $40.00 resistance in litecoin price against the US dollar. The LTC/USD pair gained traction, broke the $42.00 resistance and traded towards the $45.00 resistance area.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price tested the $45.00 resistance and later corrected lower. The price dipped towards the $42.00 support and the 100 hourly simple moving average. Buyers remained in action above the $42.00 support and the price climbed higher again.

There were a couple of attempts to break the $45.00 resistance, but buyers failed. The recent swing high was formed at $44.50 and the price is currently correcting lower. It declined below the 23.6% Fib retracement level of the recent wave from the $42.03 low to $44.50 high.

However, there are many supports on the downside near the $42.00 level. More importantly, there is a major bullish trend line in place with support at $42.80 on the hourly chart.

Above the trend line, the 50% Fib retracement level of the recent wave from the $42.03 low to $44.50 high is at $43.20 to act as a support. Therefore, dips from the current levels remain supported near $43.00, $42.80 and $42.40.

Once the current correction wave is complete, litecoin price could make another attempt to surpass the $44.50 and $45.00 resistance levels. A successful close above $45.00 will most likely trigger solid bullish moves in LTC price above the $46.00 and $48.00 resistance levels. The main resistance for buyers could be $50.00, where sellers are likely to emerge.

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]
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