Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Bullish Continuation Above $48, $50

Litecoin Price Analysis LTC Chart

Litecoin price corrected lower and tested the $40.00 support against the US Dollar. LTC is once again gaining bullish momentum and it could continue towards the $48.00 and $50.00 levels.

Key Talking Points

  • Litecoin price formed a solid support near $40.00 and jumped higher (Data feed of Kraken) against the US Dollar.
  • There was a break above a crucial triangle pattern with resistance at $41.50 on the 4-hour chart.
  • LTC price is likely to gain traction and climb towards the $48.00 and $50.00 resistance levels.

Litecoin Price Analysis (LTC to USD)

After a solid upward move, litecoin price topped near the $47.00 level against the US dollar. The LTC/USD pair started a downside correction below the $45.00 level and tested the key $40.00 support area, where buyers emerged.

Litecoin Price Analysis LTC Chart

Looking at the 4-hour chart, LTC price formed a strong support base near the $40.00 level and remained well above the 100 simple moving average (4-hour). The last swing low was formed at $39.90 before the price started a fresh upward move.

It climbed above the $41.00 resistance and the 23.6% Fib retracement level of the last decline from the $47.06 high to $39.90 low. More importantly, there was a break above a crucial triangle pattern with resistance at $41.50 on the same chart.

The recent triangle break has opened the doors for more gains above the $43.00 and $45.00 levels. An immediate resistance is near the $43.50 level and the 50% Fib retracement level of the last decline from the $47.06 high to $39.90 low.

Once buyers gain traction above the $45.00 resistance, it could revisit the $47.00 swing high in the near term. Above $47.00, buyers are likely to aim the all-important $50.00 resistance area.

Overall, litecoin price is back in a bullish zone above $41.50. LTC could continue to move higher and it might accelerate gains above the $43.50 and $45.00 resistance levels. If there is a fresh downside correction, the broken resistances at $41.50 and $41.00 are likely to protect losses. The main support is near the $40.00 level, below which the price might revisit the $38.00 pivot level.

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]