Litecoin Price Weekly Analysis – Another Wave higher?

Key Highlights

  • Litecoin price rocketed higher and gained by more than 30% to trade above the $4 resistance area.
  • The price traded as high as $4.19 and currently correcting lower with a chance of another bullish ride.

Litecoin price gained heavily this past week, as there was a sharp spike higher that took the pair above the $4 level.

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Trend Line break?

The Litecoin price this past week moved a bit lower before finding buyers around the $2.90 support area. There was a solid buying interest noted around the stated level, which ignited a run higher. The upside was very strong as the price moved higher by more than 30% and traded above an important resistance area of $4. The price traded as high as $4.19 where it found sellers for a minor correction. There is now a bearish trend line formed on the hourly chart of the Litecoin price, which is acting as a downside mover.

Litecoin Price Weekly Analysis

The price has already tested the 38.2% Fib retracement level of the last leg from the $2.80 to $4.19. So, we can say that there is a chance that the price has completed a correction and may move higher once more. However, buyers need to break the trend line and resistance area for an upside move. If they fail to do so, then a move towards the 50% Fib retracement level and the 100 hourly simple moving average is possible in the near term.

On the upside, an initial resistance is around the trend line, and break above it could take the price back towards the recent high of $4.19 where buyers may struggle.

Intraday Support Level – $3.66

Intraday Resistance Level – $4.0

The hourly RSI is around the 50 level, which means the price is on the verge of a short term break.

Charts courtesy of Trading View

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