Litecoin (LTC) Price Analysis: Buyers Are Now In Control

The price of Litecoin price formed a decent support close to the $22.20 level and later, it recovered. Presently, LTC is trading above $25.00 and in the near term, it could extend gains.

Key Points
• The price of Litecoin of recent rallied and moved above the $24.00 and
$25.00 resistances (Kraken data feed) against the US Dollar.
• There is a key bullish trend line formed with support at $24.50 on the
LTC/USD hourly chart.
• Price of LTC remains supported on dips and it might increase above the
resistance of $26.20 and $26.50.

Litecoin (LTC) Price Today – LTC / USD

Name Price24H (%)
Bitcoin (BTC)
$7,903.90
-0.98%
Litecoin (LTC)
$53.20
1.99%

Price Forecast: Litecoin
After forming a decent support base close to the $22.00-$22.20 zone, the price of Litecoin began a fresh rally against the US dollar. LTC/USD traded above the resistance levels of $24.00 and $25.00 to move into a positive zone.

From the chart, the price of LTC even settled above the $24.00 level and the 100 hourly SMA. It spiked above the $26.00 resistance forming a new weekly high around the $26.60 level.

The price traded as high as $26.59 and later it corrected below the 23.6% Fib retracement level of the recent wave from the $22.27 low to $26.59 high. However, the downside has many supports around the $25.00 and $24.50 levels.

However, a key bullish trend line was formed with support at $24.50 on the LTC/USD hourly chart. The trend line is near the 50% Fib retracement level of the recent wave from the $22.27 low to $26.59 high.

If the price dips from its present levels, then it might find support around the $25.00 or $24.50 levels. On the upside, an initial resistance is at $26.10, above which there is a probability that more gains come in above the $26.59 high in the near term.

Generally, Litecoin is well positioned above the pivot level of $24.50 and dips remains supported. In the near term, LTC might extend gains above the $26.00 and $27.00 levels. Buyers’ next stop could be close to $30.00.

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.