Litecoin Price Analysis: LTC/USD Poised for Continuous Gains

Litecoin price settled above the $32.00 and $33.00 levels against the US Dollar. LTC/USD is currently consolidating, but it looks set for more gains above $35.00-36.00.

Key Talking Points

• Litecoin price is currently consolidating gains above the $32.00 support (Data feed of Kraken) against the US Dollar.
• There is a short term contracting triangle in place with resistance at $34.50 on the hourly chart of the LTC/USD pair.
• LTC price is likely to break the $34.50 and $35.00 resistance levels to climb further higher.

Litecoin Price Forecast

Yesterday, we saw a nice upward move above the $30.00 and $32.00 resistances in litecoin price against the US dollar. The LTC/USD pair also traded above the $35.00 resistance and traded close to the $26.00 level.

Litecoin price settled above the $32.00 and $33.00 levels against the US Dollar. LTC/USD is currently consolidating, but it looks set for more gains above $35.00-36.00.

Looking at the chart, LTC price traded as high as $35.93 and settled above the 100 hourly simple moving average. Later, the price started a downside correction and traded below the $35.00 and $34.00 support levels.

There was also a break below the 23.6% Fib retracement level of the recent upward move from the $28.30 swing low to $35.93 high. However, the downside move was protected by the $32.80-33.00 zone.

There was no test of the 50% Fib retracement level of the recent upward move from the $28.30 swing low to $35.93 high. The price is currently consolidating above the $32.80 level and it seems like it is preparing for the next move.

More importantly, there is a short term contracting triangle in place with resistance at $34.50 on the hourly chart of the LTC/USD pair. If there is an upside break above the $34.50 resistance, the price will most likely break the $35.00 and $36.00 resistances as well.

On the downside, the $32.80 level is a decent support. If litecoin price breaks the $32.80 support, it could slide towards the $31.80 support and the 100 hourly simple moving average. The overall price action is positive for LTC and buyers may soon make an attempt to push the price further higher.

The market data is provided by TradingView.