The price of Litecoin has been trading at $ 33.53 recently and has subsequently been corrected lower. LTC remains supported on dips and could rebound over $ 33.00 and $ 35.00.
Key points of conversation
- The price of Litecoin struggled to break the resistance of $ 33.50-34.00 and declined (Kraken data feed) against the US dollar.
- There is a short-term breakage format model with resistance at $ 32.10 on the hourly chart.
- The LTC price remains well supported near $ 30.00 and may soon rebound over $ 33.00 and $ 34.00.
Litecoin price analysis
Recently, we have seen an upward move above the resistance of $ 32.00 in the litecoin price compared to the US dollar. The LTC / USD pair even broke the $ 33.00 level, but struggled to break the $ 33.50-34.00 resistance area.
Looking at the chart, the LTC price reached a maximum of $ 33.53 and thereafter started a bearish move. It broke the support of $ 32.00 and the Fib retracement level to 23.6% of the last wave, from $ 27.50 lower to $ 33.53 at the top.
However, the decline was protected by the $ 30.00 support and the 100-hour simple moving average. In addition, the 50% fiber retracement level of the last wave from the low of $ 27.50 to $ 33.53 is also a solid support.
At the outset, there is a short-term format breaking pattern with resistance at $ 32.10 on the hourly chart. If there is a bearish break below the $ 30.00 support, the price could extend the current decline. The next major support is $ 28.90 where buyers are likely to emerge.
On the other hand, if there is a bullish break above the triangle, the price may rise towards resistance levels $ 33.50 and $ 34.00. However, buyers must cancel the resistance of $ 35.00 to start a solid upward trend towards $ 40.00.
Overall, the litecoin price is currently undergoing consolidation and it looks like it is preparing for the next break above $ 33.50. If LTC can not maintain the support of $ 30.00, it will most likely invalidate the bullish display and the price could return to $ 28.50 and $ 26.50.
Market data is provided by TradingView.