Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Bullish Continuation Likely

Litecoin price gained traction and broke the $34.00 resistance. LTC is trading in a positive zone and it could continue to move higher towards $35.00 and $37.50.

Key Talking Points

  • Litecoin price performed really well and broke the $32.00 and $34.00 resistances (Data feed of Kraken) against the US Dollar.
  • There is a bullish continuation pattern formed with support at $33.00 on the hourly chart.
  • LTC price must stay above the $32.20 support level to remain in a positive zone.

Litecoin Price Analysis

During the past few days, there was a solid upward move from the $30.00 support area in litecoin price against the US dollar. The LTC/USD pair gained momentum and broke the $32.00 and $34.00 resistance levels.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price traded close to the $34.50 level and settled above the 100 hourly simple moving average. A high was formed at $34.59 and later the price started a short-term downside correction.

The price moved below the $34.00 support and the 23.6% Fib retracement level of the last wave from the $30.50 low to $34.59 high. However, there are many supports on the downside such as $33.00, $32.50 and $32.20.

More importantly, there is a bullish continuation pattern formed with support at $33.00 on the same chart. Below the triangle, the next support is at $32.50 and the 50% Fib retracement level of the last wave from the $30.50 low to $34.59 high.

The main support is at $32.20 and the 100 hourly simple moving average, below which the price might move back in a bearish zone. On the flip side, if the price resumes its upward move, buyers are likely to clear the $33.60 and $34.00 resistance levels.

Overall, litecoin price is placed nicely in a positive zone above $32.20, while bitcoin, ripple, Ethereum, EOS and other cryptocurrencies struggled recently. Therefore, LTC might bounce back above the $34.00 resistance once the current correction wave is complete. To move back in a bearish zone, sellers need to push the price below the $32.20 and $32.00 supports.

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: aayushjindal@ethereumworldnews.com
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