Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Primed For More Gains

Litecoin price traded as high as $33.53 recently and later corrected lower. LTC remains supported on dips and it could bounce back above $33.00 and $35.00.

Key Talking Points

  • Litecoin price struggled to break the $33.50-34.00 resistance and declined (Data feed of Kraken) against the US Dollar.
  • There is a short term breakout pattern formed with resistance at $32.10 on the hourly chart.
  • LTC price remains well supported near $30.00 and it may soon bounce back above $33.00 and $34.00.

Litecoin Price Analysis

Recently, we saw an upward move above the $32.00 resistance in litecoin price against the US dollar. The LTC/USD pair even broke the $33.00 level, but it struggled to break the $33.50-34.00 resistance area.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price formed a high at $33.53 and later started a downside move. It broke the $32.00 support and the 23.6% Fib retracement level of the last wave from the $27.50 low to $33.53 high.

However, the decline was protected by the $30.00 support and the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the last wave from the $27.50 low to $33.53 high is also acting as a solid support.

At the outset, there is a short term breakout pattern formed with resistance at $32.10 on the hourly chart. If there is a downside break below the $30.00 support, the price may extend the current decline. The next main support is at $28.90 where buyers are likely to emerge.

On the other hand, if there is an upside break above the triangle, the price may climb toward the $33.50 and $34.00 resistance levels. However, buyers need to clear the $35.00 resistance to start a solid upward move towards $40.00.

Overall, litecoin price is currently consolidating and it seems to be preparing for the next break above $33.50. If LTC fails to hold the $30.00 support, it will most likely invalidate the bullish view and the price might slide back towards $28.50 and $26.50.

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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