Home / Litecoin / Price analysis of Litecoin: Time of recovery of the LTC / USD rebound

Price analysis of Litecoin: Time of recovery of the LTC / USD rebound

The price of Litecoin traded higher and recovered above $ 34.00 and $ 35.00 against the US dollar. LTC / USD is gaining ground and it looks like it could rise above $ 36.00 and $ 38.00.

Key points of conversation

  • Litecoin's price recovered nicely and broke the resistance of $ 35.00 (Kraken Data Feed) against the US dollar.
  • There is a connecting uptrend line formed with support for $ 31.20 on the hourly chart of the LTC / USD pair.
  • The LTC price is positioned well in a bullish zone and could cancel the resistance from $ 36.00 and $ 38.00.

Pricing of Litecoin prices

Yesterday we discussed the fact that the price of litecoin could rebound well above $ 34.00 and $ 35.00 compared to the US dollar. The LTC / USD pair increased and broke the resistance level of $ 35.00.

LTEC price analysis chart Litecoin

Looking at the chart, the LTC price started a solid recovery from the low of $ 26.50. He broke the $ 30.00, $ 32.00 and $ 34.00 resistance levels to move into a positive zone. The price has even stabilized above the $ 32.00 level and the simple 100-hour moving average.

During the upswing, the price even broke the resistance of $ 35.00 and traded near $ 36.00. A maximum of $ 35.92 was formed and subsequently the price was corrected lower. It fell below the Fib retracement level to 23.6% of the last wave, from a low of $ 28.33 to $ 35.92.

However, there are many barriers to bearish sellers, starting at $ 33.50 and up to $ 31.20. It's also a bullish trend line that links up to $ 31.20 on the hourly chart of the LTC / USD pair.

An intermediate support is close to $ 32.20 and the Fib 50% retracement level of the last wave from $ 28.33 down to $ 35.92 at the top. As a result, differences from current levels remain supported around the levels of $ 31.00 and $ 32.00.

On the upside, a positive break above the $ 36.00 level could open the door to an acceleration of $ 38.00 and $ 40.00. Litecoin's price is clearly gaining ground and if LTC buyers gain strength, there could be a nice bullish wave towards $ 40.00.

Market data is provided by TradingView.

Source link