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