Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Strong Bull Run In Making?

Litecoin price is forming a strong support near the $29.80 level against the US Dollar. LTC could start a major uptrend as long as it is consolidating above the $29.80 support.

Key Talking Points

  • Litecoin price is consolidating above the key $29.80 support level (Data feed of Kraken) against the US Dollar.
  • There is a major bearish trend line in place with resistance at $31.95 on the 4-hour chart.
  • LTC price is likely preparing forming a crucial bottom above $29.50 for the next bullish wave.

Litecoin Price Analysis

During the past few days, litecoin price traded in a broad range above the $29.80 support against the US dollar. The LTC/USD pair made a few attempts to clear the $33.00 resistance, but buyers failed to gain traction.

Litecoin Price Analysis LTC Chart

Looking at the 4-hour chart, LTC price tested the $29.80 support level on a few occasions. The recent low was formed at $29.84 and the price is currently consolidating.

An initial resistance is near $31.00 and the 23.6% Fib retracement level of the last decline from the $34.00 high to $29.84 low. The next resistance is near the $31.50 level and the 100 simple moving average (4-hour).

Besides, the 50% Fib retracement level of the last decline from the $34.00 high to $29.84 low is near $31.92. More importantly, there is a major bearish trend line in place with resistance at $31.95 on the same chart.

Therefore, a proper break above the trend line, 100 SMA, and $32.00 could open the doors for more gains in the near term. The next key resistance could be $33.00, above which the price may trade towards $35.00 and $36.00.

On the other hand, it litecoin price fails to break the trend line resistance and $32.00, there could be a fresh decline. On the downside, the main support is near the $29.80 level. If there is a bearish break below $29.80 and $29.50, the price may drop significantly towards the $26.00 and $25.00 levels in the coming days.

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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