Key Talking Points
- Litecoin price traded higher recently and broke the $31.50 and $32.00 resistances (Data feed of Kraken) against the US Dollar.
- There was a break above a key bearish trend line with resistance at $31.80 on the hourly chart.
- LTC price is likely setting up for a bullish break above the $33.00 and $33.20 resistances.
Litecoin Price Analysis
During the past few sessions, there were many positive developments for litecoin, resulting in bullish moves above $31.00 against the US dollar. The LTC/USD pair traded higher recently and broke the $31.50 and $32.00 resistances.
Looking at the chart, LTC price tested the $33.00 resistance level and settled well above the 100 hourly simple moving average. During the rise, there was a break above a key bearish trend line with resistance at $31.80 on the hourly chart.
A high was formed at $33.06 and the price is currently correcting lower. It is trading near the 23.6% Fib retracement level of the recent wave from the $31.05 low to $33.06 high. However, there are many supports on the downside near the $32.00 level.
The $32.00-32.05 zone was a resistance earlier, and now it is likely to act as a key support. Moreover, the 50% Fib retracement level of the recent wave from the $31.05 low to $33.06 high is also near the $32.00 level.
Therefore, it seems like there are many supports near the $32.00 level, below which the price may test the $31.50 support. On the upside, a break above the 33.00 and $33.20 resistance levels could open the doors for a sharp upward move.
Overall, litecoin price is gaining momentum above the $32.00 level. However, a successful break above the $33.20 resistance is must for LTC buyers to gain strength. If they succeed, it could help bitcoin, ripple, tron, Ethereum, bitcoin cash, eos, and other altcoins as well.
The market data is provided by TradingView.
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