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Litecoin (LTC) Price Analysis: Signaling Bullish Continuation Above $50 - Ethereum World News
Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Signaling Bullish Continuation Above $50

Litecoin Price Analysis LTC Chart

Litecoin price extended gains and traded above the $52.00 resistance against the US dollar. LTC corrected lower, but it remains well supported above $47.50 for more gains.

Key Talking Points

  • Litecoin price remained in the bullish zone and broke the $50.00 resistance (Data feed of Kraken) against the US Dollar.
  • There is a key contracting triangle formed with resistance at $49.10 on the hourly chart.
  • LTC price is likely to resume its uptrend above the $50.00 and $52.00 resistance levels.

Litecoin Price Analysis (LTC)

Earlier this week, there was a sharp upward move from the $46.00 support area in litecoin price against the US dollar. The LTC/USD pair broke the $48.00 resistance area and even climbed above the key $50.00 resistance.

Litecoin Price Analysis  LTC Chart

Looking at the chart, LTC price gained bullish momentum above the $50.00 resistance and the 100 hourly simple moving average. The price even broke the $52.00 resistance and a new monthly high at $52.27 was formed.

Later, the price started a downside correction and traded below the $50.00 support level. The price declined below the 50% Fib retracement level of the recent wave from the $46.18 low to $52.27 high.

There was even a break below the $48.00 level before buyers appeared near the $47.50 support. The 76.4% Fib retracement level of the recent wave from the $46.18 low to $52.27 high acted prevented declines below $47.50.

Moreover, the 100 hourly simple moving average acted as a strong support (currently above $47.80). The price bounced back and traded above the $48.50 level. At the outset, there is a key contracting triangle formed with resistance at $49.10 on the hourly chart.

It seems like litecoin price is preparing for the next key break either above the $49.00 resistance or below the $48.00 support. On the upside, a break above the $49.00 and $50.00 resistances could spark more gains. The next stop for LTC price could be $52.00 and $53.50. On the other hand, a downside break below the $48.00 support and the 100 SMA may perhaps start an extended correction towards the $45.00 support level.

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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