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The price of Litecoin followed a bullish path and recovered above $ 30.00. LTC could continue to move higher and could test the resistance level of $ 38.00 or $ 40.00.
Key points of conversation
- The price of Litecoin recovered nicely and broke the resistance from $ 30.00 and $ 32.00 (Kraken Data Feed) against the US dollar.
- There is an uptrend line in place with support for $ 30.50 on the hourly chart.
- The LTC price remains well supported in the event of declines and could increase earnings over $ 38.00 in the short term.
Litecoin price analysis
After forming a base above the $ 25.00 level, the litecoin price recovered well above the $ 30.00 barrier against the US dollar. The LTC / USD has even broken resistance levels $ 30.00 and $ 32.00 to move into a bullish zone. Likewise, bitcoin, ripple, Ethereum and EOS are positioned well in a positive zone.
Looking at the chart, the LTC price even rose above the $ 33.00 level and formed a new weekly high for $ 33.06. At the moment, the price is falling towards $ 31.00, but remains well above the 100-hour moving average.
An initial support is close to the level of $ 30.85 (the previous resistance) and the Fib 50% retracement level of the last wave from $ 28.63 low to $ 33.06 high. More importantly, there is an uptrend line in place with support for $ 30.50 on the hourly chart.
The support of the trend line coincides with the Fib retracement level at 1.8.8% of the last wave, from $ 28.63 down to $ 33.06 at the top. In addition, the 100-hour SMA is positioned below the trendline close to $ 30.00 to serve as solid support.
Therefore, if the price corrects lower, it is likely that you will find a strong support near the $ 30.00 zone. On the upside, the price must break the zone from $ 32.50 to 33.00 to extend the current wave.
The next stop for litecoin buyers could be close to the $ 38.00 level, above which LTC is likely to rise to the $ 40.00 level. On the downside, a break below $ 30.00 can push the price towards $ 27.70.
Market data is provided by TradingView.
