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The price of Litecoin is gaining a bullish dynamic above $ 35.00. LTC is likely to extend gains towards resistance levels $ 40.00 and $ 42.00 in the short term.
Key points of conversation
- The price of Litecoin is trading on a bullish trend above the resistance of $ 35.00 (Kraken Data Feed) against the US dollar.
- There is a key trusting trend line formed with support for $ 34.50 on the hourly chart.
- The LTC price could continue to trade higher and could even break the resistance of $ 40.00.
Litecoin price analysis
During the last sessions, there were continuous gains above $ 30.00 in the litecoin price compared to the US dollar. The LTC / USD pair broke the resistance level of $ 35.00 to set the pace for further gains like ripple, Ethereum and EOS.
Looking at the chart, the LTC price even broke the resistance of $ 35.80 and is currently trading well above the simple 100-hour moving average. The recent high was above the $ 36.00 level and there seems to be no downward correction.
The first support is close to $ 35.20 or the Fib retracement level of 23.6% from the recent wave from $ 32.18 down to $ 36.23 at the top. Below $ 35.20, there is a key uptrend line formed with support for $ 34.50 on the same chart.
The trend line coincides with the 50% retracement level of the recent wave from a minimum of $ 32.18 to that of $ 36.23. Therefore, if there is a downward correction, the price is likely to find support near the levels of $ 35.00 or $ 34.50.
On the upside, the price is likely to break the rise of $ 36.30. The next stop for buyers could be $ 38.00, over which LTC is likely to visit the $ 40.00 barrier.
Overall, the litecoin price is trading strongly above the $ 34.00 level. As long as the price remains above the trend line support and the $ 33.00 rotation level, LTC could extend gains above the $ 38.00 level. More importantly, there is a high chance of a bullish break above the $ 40.00 barrier in the next sessions.
Market data is provided by TradingView.
