Litecoin price is slowly recovering above the $30.00 resistance against the US Dollar. LTC/USD could continue to move higher towards the $35.00 or $36.00 level.
Key Talking Points
- Litecoin price started a decent upside move above the $30.00 resistance (Data feed of Kraken) against the US Dollar.
- This week’s crucial bearish trend line was breached with resistance at $30.50 on the hourly chart of the LTC/USD pair.
- LTC price is currently trading nicely above the $31.00 level and it could trade towards $35.00.
Litecoin Price Forecast
Yesterday, we saw a short term downside move below the $28.00 support in litecoin price against the US dollar. The LTC/USD pair was under pressure, but somehow buyers managed to contain losses below the $27.50 level.
Looking at the chart, LTC price traded as low as $27.59 and later started a decent upside recovery. It jumped above the $28.50 and $30.00 resistance levels to move into a short term positive zone.
The price also settled above the $30.00 resistance and the 100 hourly simple moving average. During the rise, the price broke the 76.4% Fib retracement level of the last drop from the $32.24 high to $27.59 low.
More importantly, this week’s crucial bearish trend line was breached with resistance at $30.50 on the hourly chart of the LTC/USD pair. Buyers gained traction above $32.00 and the price tested the last swing high near $32.50.
At the moment, it seems like the price may continue to move higher towards the $34.00 or $35.00 level. However, the main target for buyers could be $35.00. It coincides with the 1.618 Fib extension level of the last drop from the $32.24 high to $27.59 low.
If there is a downside correction, the price may find support near the $30.00 level and the 100 hourly SMA. Overall, Litecoin price is currently placed in a positive zone above the $30.00 level. If LTC buyers gain traction, there are high chances of more gains towards the $35.00 or $36.00 level.
The market data is provided by TradingView.
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