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.
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.