Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Bracing For Fresh Rally

Litecoin price is forming a solid support above the $22.00 level. LTC seems to be forming a base for a major upward move above $25.00 and $30.00.

Key Talking Points

  • Litecoin price remained well bid above the $22.00 support area (Data feed of Kraken) against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $23.65 on the hourly chart of the LTC/USD pair.
  • LTC price may perhaps start a fresh upward move as long as it is above $20.00.

Litecoin Price Forecast

Recently, we saw a nasty decline towards the $20.00 support in litecoin price against the US dollar. The LTC/USD pair traded as low as $22.20 and later it started forming a support base above $22.00.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price climbed higher recently and traded above the $25.00 level. However, the price failed to gain bullish momentum above the $26.00 resistance and the 100 hourly simple moving average.

As a result, there was a fresh decline and the price retested the $22.00 support area. Buyers protected further declines and pushed the price above $23.50. There was a break above the 23.6% Fib retracement level of the recent decline from the $26.57 high to $22.78 low.

Moreover, there was a break above a major bearish trend line with resistance at $23.65 on the hourly chart of the LTC/USD pair. The pair tested the $25.00 resistance and the 50% Fib retracement level of the recent decline from the $26.57 high to $22.78 low.

It is currently trading lower, but there is a strong support formed near the $23.00 and $22.00 levels. Therefore, there are high chances of a fresh bullish wave above the $25.00 resistance and the 100 hourly SMA in the near term.

The current price action is short term bearish below $25.00. Having said that, it seems like LTC sellers are exhausted, which could result in an upward move towards $30.00 in litecoin as long as there is no break below $22.00.

The market data is provided by TradingView.

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: aayushjindal@ethereumworldnews.com
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