Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Could Recover Towards $40

Litecoin price formed a decent support near $30.00 and recovered against the US Dollar. LTC/USD could continue to move higher towards the $36.00, $38.00 or even $40.00 level.

Key Talking Points

·         Litecoin price found a strong buying interest near the $30.00 level (Data feed of Kraken) against the US Dollar.

·         Yesterday’s highlighted key bearish trend line was breached with resistance at $33.00 on the hourly chart of the LTC/USD pair.

·         LTC price is placed nicely above $32.00 and it could correct higher towards $38.00 or $40.00.

Litecoin Price Forecast

Yesterday, we discussed that litecoin price could rebound from the $30.00 support in the short term against the US dollar. The LTC/USD pair did form a decent support base near $30.00 and later started an upside correction.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price traded higher recently and broke the $32.00 and $33.00 resistance levels. Buyers pushed the price above the 50% Fib retracement level of the last drop from the $37.50 high to $30.25 low.

More importantly, yesterday’s highlighted key bearish trend line was breached with resistance at $33.00 on the hourly chart of the LTC/USD pair. It opened the doors for more gains and the price traded higher towards the $34.70 level.

An immediate resistance is near $35.00 and the 61.8% Fib retracement level of the last drop from the $37.50 high to $30.25 low. Above $35.00, the price is likely to climb towards the $37.00 level and the 100 hourly simple moving average.

Finally, if buyers remain in action in the coming sessions, there are chances of a push towards the $38.00 or even $40.00 level. The main hurdle is the 1.236 Fib extension level of the last drop from the $37.50 high to $30.25 low at $39.20.

Therefore, keep an eye on the $32.00 support area in the short term. As long as litecoin price is above $32.00 and $30.20, there could be more recoveries in LTC above the $35.00 or even $38.00 resistance 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: aayushjindal@ethereumworldnews.com
Sign up for our Newsletter