Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Rebound Gaining Momentum

Litecoin Price Analysis LTC Chart

Litecoin price traded higher and recovered above $34.00 and $35.00 against the US Dollar. LTC/USD is gaining pace and it seems like it could climb above $36.00 and $38.00.

Key Talking Points

  • Litecoin price recovered nicely and broke the $35.00 resistance (Data feed of Kraken) against the US Dollar.
  • There is a connecting bullish trend line formed with support at $31.20 on the hourly chart of the LTC/USD pair.
  • LTC price is placed nicely in a bullish zone and it could clear the $36.00 and $38.00 resistances.

Litecoin Price Forecast

Yesterday, we discussed that litecoin price could rebound nicely above the $34.00 and $35.00 levels against the US dollar. The LTC/USD pair did move higher and broke the $35.00 resistance level.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price started a solid recovery from the $26.50 swing low. It broke the $30.00, $32.00 and $34.00 resistance levels to move into a positive zone. The price even settled above the $32.00 level and the 100 hourly simple moving average.

During the rise, the price even broke the $35.00 resistance and traded close to $36.00. A high was formed at $35.92 and later the price corrected lower. It declined below the 23.6% Fib retracement level of the last wave from the $28.33 low to $35.92 high.

However, there are many barriers for sellers on the downside, starting with $33.50 and up to $31.20. There is also a connecting bullish trend line formed with support at $31.20 on the hourly chart of the LTC/USD pair.

An intermediate support is near $32.20 and the 50% Fib retracement level of the last wave from the $28.33 low to $35.92 high. Therefore, dips from the current levels remain supported around the $31.00 and $32.00 levels.

On the upside, a positive break above the $36.00 level could open the doors for an acceleration towards the $38.00 and $40.00 level. Litecoin price is clearly gaining pace and if LTC buyers gain strength, there could be a nice bullish wave toward $40.00.

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: [email protected]
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