Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Buyers Back In Control

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.

Litecoin Price Analysis LTC Chart

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.

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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