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.
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.
