Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Holding Key Support Above $30

Litecoin price failed to settle above $35.00 and declined recently against the US Dollar. LTC/USD is currently trading near the $31.50 support and it could recover higher.

Key Talking Points

  • Litecoin price spiked above the $35.00 and $36.00 resistances and later declined (Data feed of Kraken) against the US Dollar.
  • There is a major bearish trend line formed with resistance at $34.00 on the hourly chart of the LTC/USD pair.
  • LTC price must stay above the $31.50 and $30.80 support levels to bounce back in the near term.

Litecoin Price Forecast

Recently, there was a nice upward move above the $34.00 level in litecoin price against the US dollar. The LTC/USD pair surged above the $35.00 and $36.00 resistance levels, but it failed to hold gains.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price traded as high as $36.97 and later declined sharply. It traded below the $34.00 level and the 100 hourly simple moving average. There was even a break below the $32.00 level before buyers appeared near the $31.50 level.

A low was formed at $31.45 and the price is currently consolidating losses. An initial resistance is near the $32.80 level and the 100 hourly simple moving average. The mentioned level also coincides with the 23.6% Fib retracement level of the recent decline from the $36.97 high to $31.45 low.

Moreover, there is a major bearish trend line formed with resistance at $34.00 on the hourly chart of the LTC/USD pair. The trend line is close to the 50% Fib retracement level of the recent decline from the $36.97 high to $31.45 low.

Therefore, a close above the trend line and the $35.00 resistance is required for further gains in the near term. On the downside, an initial support is at $31.50 followed by the $30.50 pivot area.

Overall, litecoin price is currently trading above the $31.50 and $30.80 support levels. As long as there is no close below $30.00, the price is likely to climb above $34.00 and $35.00.

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
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