Litecoin price rallied recently and broke the $35.00 and $40.00 resistances against the US dollar. LTC is currently correcting lower, but dips remain supported near $42.00 and $40.00.
Key Talking Points
- Litecoin price was one of the best performers as it rallied above the $40.00 barrier (Data feed of Kraken) against the US Dollar.
- There is a bullish flag pattern formed with support at $43.00 on the hourly chart.
- LTC price remains supported on dips above $40.00 and it could continue to move higher.
Litecoin Price Analysis
Recently, there was a strong upward move from the $30.00 support zone in litecoin price against the US dollar. The LTC/USD pair traded above the $35.00 and $40.00 resistance levels to place itself in the bullish zone.
Looking at the chart, LTC price gained bullish momentum above the $40.00 resistance and the 100 hourly simple moving average. It even broke the $45.00 resistance and traded to a new yearly high near the $46.93 level.
Later, there was a downside…
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