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Price analysis of Litecoin: LTC / USD could bounce back towards $ 40

The price of Litecoin formed a decent support close to $ 30.00 and recovered against the US dollar. LTC / USD may continue to move higher towards the $ 36.00, $ 38.00 or even $ 40.00 level.

Key points of conversation

· Litecoin's price found a strong buying interest near the $ 30.00 level (Kraken Data Feed) compared to the US dollar.

· The key bearish trend line highlighted yesterday was surpassed with resistance to $ 33.00 on the hourly chart of the LTC / USD pair.

· The LTC price is placed well above $ 32.00 and could correct higher towards $ 38.00 or $ 40.00.

Pricing of Litecoin prices

Yesterday we discussed the fact that the litecoin price could rebound from the short-term $ 30.00 support against the US dollar. The LTC / USD pair formed a decent support base close to $ 30.00 and subsequently initiated an upward correction.

LTEC price analysis chart Litecoin

Looking at the graphicThe LTC price has risen higher recently and has broken resistance levels of $ 32.00 and $ 33.00. The buyers pushed the price above the Fibon 50% retracement level of the last decline, from $ 37.50 upwards to $ 30.25 below.

More importantly, the key bearish trend line highlighted yesterday was surpassed with resistance to $ 33.00 on the hourly chart of the LTC / USD pair. He opened the door for further gains and the price was traded higher towards the $ 34.70 level.

Immediate resistance is close to $ 35.00 and the Fib retracement level of 61.8% from the last fall from $ 37.50 up to $ 30.25 below. Above $ 35.00, the price is likely to rise towards the $ 37.00 level and the simple 100-hour moving average.

Finally, if buyers stay in action in the next sessions, there is a possibility of a push towards the $ 38.00 level or even $ 40.00. The main obstacle is the 1.236 Fib extension level of the last decline, from $ 37.50 top to $ 30.25 lower at $ 39.20.

Therefore, keep an eye on the $ 32.00 short-term support area. As long as the litecoin price is higher than $ 32.00 and $ 30.20, there may be more recoveries in LTC above the resistance level $ 35.00 or even $ 38.00.

Market data is provided by TradingView.

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