Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Fresh Increase Likely As Bitcoin Breaks $6.3K

Litecoin price formed a strong support near the $72.00 level and recovered against the US dollar. LTC broke the $74.00 resistance and it could accelerate gains along with bitcoin.

Key Talking Points

  • Litecoin price remained well supported near the $71.50 and $72.00 levels (Data feed of Kraken) against the US Dollar.
  • There was a break above a key bearish trend line with resistance near $74.00 on the hourly chart.
  • LTC price is gaining bullish momentum and it could climb above the $77.00 and $78.00 levels.

Litecoin Price Analysis (LTC)

In the past two sessions, there was a strong rally in bitcoin, while gains were contained in altcoins such as Ethereum, EOS, litecoin and ripple against the US Dollar. Earlier, the LTC/USD pair declined below the $74.00 level and tested the $72.00 support area.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price traded as low as $71.99 and later started consolidating in a range. It slowly moved above the 50% Fib retracement level of the last decline from the $77.92 high to $71.99 swing low.

Finally, the bulls came into action, resulting in gains above $74.00, $75.00, and the 100 hourly simple moving average. Besides, there was a break above a key bearish trend line with resistance near $74.00 on the hourly chart.

The pair even surged above the 76.4% Fib retracement level of the last decline from the $77.92 high to $71.99 swing low. It traded close to the $77.92 swing high and remains in a decent uptrend.

It seems like there could be a short term downside correction towards $75.00 or $74.00 before the price climbs higher again. On the upside, a break above the $78.00 resistance will most likely open the doors for a sharp upward move towards the $80.00, $82.00 and $84.00 levels.

Overall, litecoin price is slowly gaining momentum along with bitcoin. However, LTC price must break the $78.00 resistance level to continue higher. Conversely, if there is a downside correction, the price may find bids near the $75.00 or $74.00 level in the coming sessions.

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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