Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Eyeing Rebound Above $35

Litecoin Price Analysis LTC Chart

Litecoin price is slowly recovering above the $30.00 resistance against the US Dollar. LTC/USD could continue to move higher towards the $35.00 or $36.00 level.

Key Talking Points

  • Litecoin price started a decent upside move above the $30.00 resistance (Data feed of Kraken) against the US Dollar.
  • This week’s crucial bearish trend line was breached with resistance at $30.50 on the hourly chart of the LTC/USD pair.
  • LTC price is currently trading nicely above the $31.00 level and it could trade towards $35.00.

Litecoin Price Forecast

Yesterday, we saw a short term downside move below the $28.00 support in litecoin price against the US dollar. The LTC/USD pair was under pressure, but somehow buyers managed to contain losses below the $27.50 level.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price traded as low as $27.59 and later started a decent upside recovery. It jumped above the $28.50 and $30.00 resistance levels to move into a short term positive zone.

The price also settled above the $30.00 resistance and the 100 hourly simple moving average. During the rise, the price broke the 76.4% Fib retracement level of the last drop from the $32.24 high to $27.59 low.

More importantly, this week’s crucial bearish trend line was breached with resistance at $30.50 on the hourly chart of the LTC/USD pair. Buyers gained traction above $32.00 and the price tested the last swing high near $32.50.

At the moment, it seems like the price may continue to move higher towards the $34.00 or $35.00 level. However, the main target for buyers could be $35.00. It coincides with the 1.618 Fib extension level of the last drop from the $32.24 high to $27.59 low.

If there is a downside correction, the price may find support near the $30.00 level and the 100 hourly SMA. Overall, Litecoin price is currently placed in a positive zone above the $30.00 level. If LTC buyers gain traction, there are high chances of more gains towards the $35.00 or $36.00 level.

The market data is provided by TradingView.

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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
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