Litecoin price formed a decent support near the $22.20 level and recovered later. LTC is currently trading nicely above $25.00 and it could extend gains in the near term.
Key Talking Points
- Litecoin price rallied recently and moved above the $24.00 and $25.00 resistances (Data feed of Kraken) against the US Dollar.
- There is a key bullish trend line formed with support at $24.50 on the hourly chart of the LTC/USD pair.
- LTC price remains supported on dips and it may rise above the $26.20 and $26.50 resistances.
Litecoin Price Forecast
After forming a decent support base near the $22.00-22.20 zone, litecoin price started a fresh rally against the US dollar. The LTC/USD pair traded above the $24.00 and $25.00 resistance levels to move into a positive zone.
Looking at the chart, LTC price even settled above the $24.00 level and the 100 hourly simple moving average. It spiked above the $26.00 resistance and a new weekly high was formed near the $26.60 level.
The price traded as high as $26.59 and later corrected below the 23.6% Fib retracement level of the recent wave from the $22.27 low to $26.59 high. However, there are many supports on the downside near the $25.00 ad $24.50 levels.
Moreover, there is a key bullish trend line formed with support at $24.50 on the hourly chart of the LTC/USD pair. The trend line is close to the 50% Fib retracement level of the recent wave from the $22.27 low to $26.59 high.
Therefore, if the price dips from the current levels, it is likely to find support near the $25.00 or $24.50 levels. On the upside, an initial resistance is at $26.10, above which there is a chance of more gains above the $26.59 high in the near term.
Overall, litecoin is positioned nicely above the $24.50 pivot level and dips remains supported. LTC is likely to extend gains in the near term above the $26.00 and $27.00 levels. The next stop for buyers could be near $30.00.
The market data is provided by TradingView.