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The price of Litecoin started a solid bullish wave and moved above $ 26.00. LTC has achieved truly positive results and overpowered in bitcoin, Ethereum and other major altcoins.
Key points of conversation
- The price of Litecoin has increased recently and has broken resistance from $ 26.00 and $ 28.00 (Kraken data feed) against the US dollar.
- There was a break on some key breakout models near $ 26.10 and $ 28.50 on the hourly chart of the LTC / USD pair.
- The LTC price remains higher and may exceed the resistance of $ 30.00 and $ 32.00.
Litecoin price analysis
There was a strong upward push in the litecoin price above the $ 26 resistance against the US dollar. The LTC / USD pair traded with a positive bias and recovered before the moves in BTC / USD, ETH / USD, EOS and XRP / USD.
Looking at the chart, the price of the LTC rose to $ 26.50 yesterday and was subsequently corrected lower. However, the dives were limited because the price found support close to $ 25.00 and remained well above the simple 100-hour moving average.
Later, there was a strong upward push and the price reorganized above the $ 26.00 and $ 28.00 resistance levels. More importantly, there was a break on some key breakout models close to $ 26.10 and $ 28.50 on the hourly chart of the LTC / USD pair.
The pair even exceeded $ 30.00 resistance and traded at $ 30.32. Subsequently, there was a downward correction below the $ 29.00 level and the Fib retracement level at 23.6% of the last wave from the minimum of $ 25.12 up to $ 30 , 32.
On the negative side, there are many supports near the levels $ 28.00 and $ 27.50. In addition, the 50% retracement level of Fib from the last wave from a minimum of $ 25.12 to $ 30.32 is also $ 27.72.
Therefore, if there is a downward extension in the litecoin price, it could find support near the $ 28.00 or $ 27.50 level. On the upside, a break above the resistance levels of $ 29.50 and $ 30.00 could clarify the path for further gains in LTC above the $ 32.00 level.
Market data is provided by TradingView.
