The price of Litecoin formed a decent support near the $ 22.20 level and recovered later. LTC is currently trading well above $ 25.00 and could extend gains in the short term.
Key points of conversation
- The price of Litecoin has doubled recently and has moved above the resistance from $ 24.00 and $ 25.00 (Kraken data feed) to the US dollar.
- C & # 39; is a fundamental uptrend line formed with support for $ 24.50 on the hourly chart of the LTC / USD pair.
- The LTC price remains supported in the event of a decline and may exceed the resistances of $ 26.20 and $ 26.50.
Pricing of Litecoin prices
After forming a decent support base near the $ 22.00-22.20 zone, the litecoin price started a new rally against the US dollar. The LTC / USD has exceeded the resistance levels $ 24.00 and $ 25.00 to move to a positive zone.
Looking at the chart, the LTC price even stabilized above the $ 24.00 level and the simple 100-hour moving average. It exceeded the resistance of $ 26.00 and formed a new weekly high near the $ 26.60 level.
The price traded up to $ 26.59 and subsequently adjusted below the Fib 23.6% retracement level of the recent wave from $ 22.27 down to $ 26.59 at the top. However, there are many supports on the negative side close to $ 25.00 to $ 24.50.
In addition, there is a bullish trend line with support of $ 24.50 on the hourly chart of the LTC / USD pair. The trend line approaches the 50% Fibra retracement level of the recent wave from the low of $ 22.27 to $ 26.59.
Therefore, if the price falls from current levels, it is likely that you find support near the levels of $ 25.00 or $ 24.50. On the upside, an initial resistance is $ 26.10, above which there is a possibility of further gains above $ 26.59 high in the near term.
Overall, litecoin is positioned well above the rotation level of $ 24.50 and remains supported. LTC is likely to extend short-term gains above $ 26.00 and $ 27.00 levels. The next stop for buyers could be close to $ 30.00.
Market data is provided by TradingView.