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The price of Litecoin is forming solid support above the $ 22.00 level. LTC seems to be a basis for a major shift to the top over $ 25.00 and $ 30.00.
Key points of conversation
- The price of Litecoin remained well above the support area of $ 22.00 (Kraken Data Feed) compared to the US dollar.
- There was a break above an important bearish trend line with resistance at $ 23.65 on the hourly chart of the LTC / USD pair.
- The LTC price may perhaps start a new uptrend if it is higher than $ 20.00.
Pricing of Litecoin prices
Recently, we witnessed a sharp decline towards the $ 20.00 support in the litecoin price compared to the US dollar. The LTC / USD pair traded at $ 22.20 and subsequently started to form a support base above $ 22.00.
Looking at the chart, the LTC price has risen higher recently and has exceeded the $ 25.00 level. However, the price failed to gain bullish momentum above the resistance of $ 26.00 and the simple 100-hour moving average.
As a result, there has been a new fall and the price has re-tested the $ 22.00 support area. Buyers protected further dips and pushed the price above $ 23.50. There was a break above the 23.6% Fibra retracement level of the recent decline from $ 26.57 up to $ 22.78 below.
Furthermore, there was a break above an important bearish trend line with resistance at $ 23.65 on the hourly chart of the LTC / USD pair. The pair tested resistance of $ 25.00 and Fibra's 50% retracement level of the recent decline from $ 26.57 up to $ 22.78 below.
It is currently trading bearish, but there is a strong support formed near the levels of $ 23.00 and $ 22.00. Therefore, there is a high probability of a new bullish wave above the resistance of $ 25.00 and of the SMA at 100 hours in the short term.
The current price action is short-term bearish below $ 25.00. That said, it seems that LTC sellers are exhausted, which could translate into a push towards $ 30.00 a litecoin as long as there are no interruptions below $ 22.00.
Market data is provided by TradingView.
