Litecoin Price Analysis: LTC/USD Could Recover Towards $40

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Litecoin price formed a decent support near $30.00 and recovered against the US Dollar. LTC/USD could continue to move higher towards the $36.00, $38.00 or even $40.00 level.

Key Talking Points

·         Litecoin price found a strong buying interest near the $30.00 level (Data feed of Kraken) against the US Dollar.

·         Yesterday’s highlighted key bearish trend line was breached with resistance at $33.00 on the hourly chart of the LTC/USD pair.

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

Litecoin Price Forecast

Yesterday, we discussed that litecoin price could rebound from the $30.00 support in the short term against the US dollar. The LTC/USD pair did form a decent support base near $30.00 and later started an upside correction.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price traded higher recently and broke the $32.00 and $33.00 resistance levels. Buyers pushed the price above the 50% Fib retracement level of the last drop from the $37.50 high to $30.25 low.

More importantly, yesterday’s highlighted key bearish trend line was breached with resistance at $33.00 on the hourly chart of the LTC/USD pair. It opened the doors for more gains and the price traded higher towards the $34.70 level.

An immediate resistance is near $35.00 and the 61.8% Fib retracement level of the last drop from the $37.50 high to $30.25 low. Above $35.00, the price is likely to climb towards the $37.00 level and the 100 hourly simple moving average.

Finally, if buyers remain in action in the coming sessions, there are chances of a push towards the $38.00 or even $40.00 level. The main hurdle is the 1.236 Fib extension level of the last drop from the $37.50 high to $30.25 low at $39.20.

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

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