Litecoin Price is on a Booming Bull Run

Litecoin price

The Litecoin Bull Run

Cryptocurrency as a whole, is heading into a promising bullish phase right from the start of 2019. Litecoin (LTC) has been one of the cryptocurrencies that has been hot on the lips of many crypto investors. LTC price is facing a strong resistance near the $45.00 area against the US dollar while remaining well supported. There is speculation it could soon break the $45.00 and $48.00 resistances.

Recently LTC price was trading above the $42.00 support against the US Dollar.  While there is a bit of chatter about a possible temporary dip, most believe it will soon break the $45.00 resistance area.

Litecoin Price Analysis

The LTC/USD pair gained traction this past week with Litecoin breaking the $42.00 resistance and traded towards the $45.00 resistance area. Litecoin price has started to test the $45.00 resistance level until it eventually settled to $42.00. Buyers remained in action above the $42.00 support and the price climbed higher again.

While there were a couple of attempts at breaking the $45.00 resistance levels, the swing was formed at $44.50 and the price is currently correcting lower. It declined below the 23.6% Fib retracement level of the recent wave from the $42.03 low to $44.50 high.

Above the trend line, the 50% Fib retracement level of the recent wave from the $42.03 low to $44.50 high is at $43.20 to act as a support. Therefore, dips from the current levels remain supported near $43.00, $42.80 and $42.40.

Once movement has settles Litecoin is likely to make attempt to surpass the $44.50 and $45.00 resistance levels. Should the coin manage to break through the $45.00 level, it will most likely trigger solid bullish moves in the Litecoin price above the $46.00 and $48.00 resistance levels. The main resistance for buyers could be $50.00, where sellers are likely to emerge and create a more robust market than seen of late.

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