Litecoin (LTC) Is Bracing Up For A Fresh Rally

Of recent, we saw a great decline towards the $20.00 support in the piece of Litecoin against the U.S dollar. The pair (LTC/USD) traded at lows of $22.20 and later started forming a support base above $22.20.

From the chart, the price of LTC rose higher and traded above the $25.00 level. However, the price failed to gain bullish momentum above the $26.00 resistance and the 100 hourly SMA.

Litecoin (LTC) Price Today – LTC / USD

Name Price24H (%)
Bitcoin (BTC)
$13,481.44
2.22%
Litecoin (LTC)
$54.87
-0.77%

Due to this, there was a fresh decline and the $22.00 support area was retested by the price. Additional declines were protected by the buyers which pushed the price above $23.50. There was a break above the 23.6% Fib retracement level of the recent decline from the high $26.57 to the low $22.78.

However, above a major bearish trend line there was a break, with resistance at $23.65 on the LTC/USD pair hourly chart. LTC/USD tested the $25.00 resistance and the 50% Fib retracement level of the recent decline from the $26.57 high to $22.78 low.

Currently, it is trading lower, but there is a strong support formed near the $23.00 and $22.00 levels. Therefore, there are high chances of a fresh bullish wave above the $25.00 resistance and the 100 hourly SMA in the near term.

The current price action is short term bearish below $25.00. Having said that, it seems like LTC sellers are exhausted, which could result in an upward move towards $30.00 in litecoin as long as there is no break below $22.00.

Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.