Litecoin Price Analysis

Litecoin (LTC) Price Leader In Uptrend, Outperforms BTC, XRP and ETH

Litecoin Price Analysis LTC Chart BTC XRP ETH

Litecoin price started a solid bullish wave and moved above $26.00. LTC performed really well and overpowered gains in bitcoin, Ethereum and other major altcoins.

Key Talking Points

  • Litecoin price gained pace recently and broke the $26.00 and $28.00 resistances (Data feed of Kraken) against the US Dollar.
  • There was a break above a few key breakout patterns near $26.10 and $28.50 on the hourly chart of the LTC/USD pair.
  • LTC price remains in an uptrend and it could rally above the $30.00 and $32.00 resistances.

Litecoin Price Analysis

There was a strong upward move in litecoin price above the $26.00 resistances against the US dollar. The LTC/USD pair traded with a positive bias and rallied before there were moves in BTC/USD, ETH/USD, EOS and XRP/USD.

Litecoin Price Analysis LTC Chart BTC XRP ETH

Looking at the chart, LTC price spiked towards the $26.50 level yesterday and later corrected lower. However, dips were limited as the price found support near $25.00 and it remained well above the 100 hourly simple moving average.

Later, there was a strong upward move and the price rallied above the $26.00 and $28.00 resistance levels. More importantly, there was a break above a few key breakout patterns near $26.10 and $28.50 on the hourly chart of the LTC/USD pair.

The pair even spiked above the $30.00 resistance and traded as high as $30.32. Later, there was a downside correction below the $29.00 level and the 23.6% Fib retracement level of the last wave from the $25.12 low to $30.32 high.

On the downside, there are many supports near the $28.00 and $27.50 levels. Besides, the 50% % Fib retracement level of the last wave from the $25.12 low to $30.32 high is also at $27.72.

Therefore, if there is a downside extension in litecoin price, it could find support near the $28.00 or $27.50 levels. On the upside, a break above the $29.50 and $30.00 resistance levels could clear the path for more gains in LTC above the $32.00 level.

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]
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