Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Primed To Break $40

Litecoin Price Analysis LTC Chart

Litecoin price is gaining bullish momentum above $35.00. LTC is likely to extend gains towards the $40.00 and $42.00 resistance levels in the near term.

Key Talking Points

  • Litecoin price is trading with a bullish bias above the $35.00 resistance (Data feed of Kraken) against the US Dollar.
  • There is a key bullish trend line formed with support at $34.50 on the hourly chart.
  • LTC price may continue to trade higher and it could even break the $40.00 resistance.

Litecoin Price Analysis

During the past few sessions, there were continuous gains above $30.00 in litecoin price against the US dollar. The LTC/USD pair broke the $35.00 resistance level to set the pace for more gains like ripple, Ethereum and EOS.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price even broke the $35.80 resistance and it is currently trading well above the 100 hourly simple moving average. The recent high was above the $36.00 level and it seems like there could hardly be any downside correction.

The first support is near $35.20 or the 23.6% Fib retracement level of the recent wave from the $32.18 low to $36.23 high. Below $35.20, there is a key bullish trend line formed with support at $34.50 on the same chart.

The trend line coincides with the 50% Fib retracement level of the recent wave from the $32.18 low to $36.23 high. Therefore, if there is a downside correction, the price is likely to find support near the $35.00 or $34.50 levels.

On the upside, the price is likely to break the $36.30 swing high. The next stop for buyers could be $38.00, above which LTC is likely to visit the $40.00 barrier.

Overall, litecoin price is trading with a lot of strength above the $34.00 level. As long as the price stays above the trend line support and the $33.00 pivot level, LTC could extend gains above the $38.00 level. More importantly, there are high chances of an upside break above the $40.00 barrier in the coming sessions.

The market data is provided by TradingView.

Aayush Jindal
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: [email protected]