Litecoin price rallied recently and broke the $35.00 and $40.00 resistances against the US dollar. LTC is currently correcting lower, but dips remain supported near $42.00 and $40.00.
Key Talking Points
- Litecoin price was one of the best performers as it rallied above the $40.00 barrier (Data feed of Kraken) against the US Dollar.
- There is a bullish flag pattern formed with support at $43.00 on the hourly chart.
- LTC price remains supported on dips above $40.00 and it could continue to move higher.
Litecoin Price Analysis
Recently, there was a strong upward move from the $30.00 support zone in litecoin price against the US dollar. The LTC/USD pair traded above the $35.00 and $40.00 resistance levels to place itself in the bullish zone.
Looking at the chart, LTC price gained bullish momentum above the $40.00 resistance and the 100 hourly simple moving average. It even broke the $45.00 resistance and traded to a new yearly high near the $46.93 level.
Later, there was a downside correction below the $45.00 level and the 50% Fib retracement level of the last wave from the $40.50 low to $46.93 high. However, there are many supports on the downside near the $43.00, $42.00 and $40.00 levels.
There is also a bullish flag pattern formed with support at $43.00 on the hourly chart. The flag support is near the 61.8% Fib retracement level of the last wave from the $40.50 low to $46.93 high.
If there is a downside break, the price could correct towards the $40.60 and $40.00 support levels. On the other hand, if there is a fresh upward move, the price could retest the $45.00 and $46.00 levels.
A break above the $46.00 level might push the price to a new yearly high above the $46.93 level. Overall, litecoin price is placed in a strong uptrend above the $40.00 support. There could be a few swing moves in the short term, but dips in LTC remain supported as long as the price is above $40.00.
The market data is provided by TradingView.
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