Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Dips Remain Attractive To The Bulls

Litecoin price climbed higher recently after forming support near the $65.00 level against the US dollar. LTC broke the $71.00 level and it is currently trading with a positive bias.

Key Talking Points

  • Litecoin price climbed above the $68.00 and $70.00 resistance levels (Data feed of Kraken) against the US Dollar.
  • There was a break above a key contracting triangle with resistance near $72.60 on the hourly chart.
  • LTC price remains well supported on dips and it is likely to climb above the $75.00 resistance.

Litecoin Price Analysis (LTC)

In the past two sessions, there was a solid comeback by bitcoin, Ethereum, EOS, litecoin and ripple against the US Dollar. Earlier, the LTC/USD pair formed a strong support base near the $65.00 and started a fresh increase.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price broke the $68.00 and $70.00 resistance levels to move into a positive zone. The upward move was strong since there was a close above the $70.00 level and the 100 hourly simple moving average.

A new weekly high was formed at $75.05 and the price recently corrected lower. It broke the 23.6% Fib retracement level of the last wave from the $65.02 low to $75.05 high.

However, the $71.40 level acted as a strong support and the price not even tested the 50% Fib retracement level of the last wave from the $65.02 low to $75.05 high. It bounced back above the $72.00 and $72.50 level.

Besides, there was a break above a key contracting triangle with resistance near $72.60 on the hourly chart. It has opened the doors for more gains above the $74.00 and $75.00 levels. The next main resistance is near the $80.00 level.

Overall, litecoin price moved into a bullish zone above the $70.00 and $71.00 levels. If there is another dip, the bulls are likely to defend the $70.00 support area. On the upside, an initial resistance is near the $74.00 level. However, LTC must clear the $75.00 resistance level to start a strong upward move towards the $80.00 level in the near term.

The market d2ata 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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