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    Litecoin (LTC) Price Analysis: Uptrend Intact, $50 Could Be Next Target

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    Aayush Jindal
    Aayush Jindal
    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

    Litecoin price rallied recently and broke the $35.00 and $40.00 resistances against the US dollar. LTC is currently correcting lower, but dips remain supported near $42.00 and $40.00.

    Key Talking Points

    • Litecoin price was one of the best performers as it rallied above the $40.00 barrier (Data feed of Kraken) against the US Dollar.
    • There is a bullish flag pattern formed with support at $43.00 on the hourly chart.
    • LTC price remains supported on dips above $40.00 and it could continue to move higher.

    Litecoin Price Analysis

    Recently, there was a strong upward move from the $30.00 support zone in litecoin price against the US dollar. The LTC/USD pair traded above the $35.00 and $40.00 resistance levels to place itself in the bullish zone.

    Litecoin Price Analysis LTC Chart

    Looking at the chart, LTC price gained bullish momentum above the $40.00 resistance and the 100 hourly simple moving average. It even broke the $45.00 resistance and traded to a new yearly high near the $46.93 level.

    Later, there was a downside correction below the $45.00 level and the 50% Fib retracement level of the last wave from the $40.50 low to $46.93 high. However, there are many supports on the downside near the $43.00, $42.00 and $40.00 levels.

    There is also a bullish flag pattern formed with support at $43.00 on the hourly chart. The flag support is near the 61.8% Fib retracement level of the last wave from the $40.50 low to $46.93 high.

    If there is a downside break, the price could correct towards the $40.60 and $40.00 support levels. On the other hand, if there is a fresh upward move, the price could retest the $45.00 and $46.00 levels.

    A break above the $46.00 level might push the price to a new yearly high above the $46.93 level. Overall, litecoin price is placed in a strong uptrend above the $40.00 support. There could be a few swing moves in the short term, but dips in LTC remain supported as long as the price is above $40.00.

    The market data is provided by TradingView.

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