Litecoin (LTC) Price Analysis: Buyers Back In Control

2018-12-17 08:03

Litecoin price formed a decent support near the $22.20 level and recovered later. LTC is currently trading nicely above $25.00 and it could extend gains in the near term.

Key Talking Points

Litecoin price rallied recently and moved above the $24.00 and $25.00 resistances (Data feed of Kraken) against the US Dollar. There is a key bullish trend line formed with support at $24.50 on the hourly chart of the LTC/USD pair. LTC price remains supported on dips and it may rise above the $26.20 and $26.50 resistances. Litecoin Price Forecast

After forming a decent support base near the $22.00-22.20 zone, litecoin price started a fresh rally against the US dollar. The LTC/USD pair traded above the $24.00 and $25.00 resistance levels to move into a positive zone.

Looking at the chart, LTC price even settled above the $24.00 level and the 100 hourly simple moving average. It spiked above the $26.00 resistance and a new weekly high was formed near the $26.60 level.

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

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

Therefore, if the price dips from the current levels, it is likely to find support near the $25.00 or $24.50 levels. On the upside, an initial resistance is at $26.10, above which there is a chance of more gains above the $26.59 high in the near term.

Overall, litecoin is positioned nicely above the $24.50 pivot level and dips remains supported. LTC is likely to extend gains in the near term above the $26.00 and $27.00 levels. The next stop for buyers could be near $30.00.

The market data is provided by TradingView.

The post Litecoin (LTC) Price Analysis: Buyers Back In Control appeared first on Ethereum World News.

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Litecoin (LTC) на Currencies.ru

$ 99.43 (-0.39%)
Объем 24H $659.497m
Изменеия 24h: -1.01 %, 7d: -17.84 %
Cегодня L: $98.74 - H: $100.59
Капитализация $7.49b Rank 23
Цена в час новости $ 27.25 (264.88%)

litecoin price ltc above near control back

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