Litecoin (LTC) Price Analysis: Break Above $33 Could Start Uptrend
Litecoin price gained bullish momentum recently and broke the $32.00 resistance. LTC is placed nicely in a positive zone and it could rally above the $33.00 resistance.
Key Talking Points
Litecoin price traded higher recently and broke the $31.50 and $32.00 resistances (Data feed of Kraken) against the US Dollar.
There was a break above a key bearish trend line with resistance at $31.80 on the hourly chart.
LTC price is likely setting up for a bullish break above the $33.00 and $33.20 resistances.
Litecoin Price Analysis
During the past few sessions, there were many positive developments for litecoin, resulting in bullish moves above $31.00 against the US dollar. The LTC/USD pair traded higher recently and broke the $31.50 and $32.00 resistances.
Looking at the chart, LTC price tested the $33.00 resistance level and settled well above the 100 hourly simple moving average. During the rise, there was a break above a key bearish trend line with resistance at $31.80 on the hourly chart.
A high was formed at $33.06 and the price is currently correcting lower. It is trading near the 23.6% Fib retracement level of the recent wave from the $31.05 low to $33.06 high. However, there are many supports on the downside near the $32.00 level.
The $32.00-32.05 zone was a resistance earlier, and now it is likely to act as a key support. Moreover, the 50% Fib retracement level of the recent wave from the $31.05 low to $33.06 high is also near the $32.00 level.
Therefore, it seems like there are many supports near the $32.00 level, below which the price may test the $31.50 support. On the upside, a break above the 33.00 and $33.20 resistance levels could open the doors for a sharp upward move.
Overall, litecoin price is gaining momentum above the $32.00 level. However, a successful break above the $33.20 resistance is must for LTC buyers to gain strength. If they succeed, it could help bitcoin, ripple, tron, Ethereum, bitcoin cash, eos, and other altcoins as well.