Litecoin price analysis: LTC/USD sits at $31.00 support waiting for catalysts

Litecoin is flirting with $31.00 handle. The 8th largest coin with a current market value of $1.8B stays unchanged on a day-over-day basis, though it is down nearly 2% since the beginning of the day.

LTC/USD managed to recover 4% in recent 30 days; however, the upside momentum faded away as the cryptocurrency market entered a hibernating stage. Litecoin is moving in sync with Bitcoin and other major altcoins amid lack of LTC-specific catalysts.

Litecoin’s technical picture 

Looking technically, Litecoin came close to 23.6% Fibo retracement level from the previous bearish leg that goes from November 7 high to 2018 low at $22.25. Once this barrier is out of the way, the sell-off may continue with the next major bearish target set at $27.40. In the meantime, the ultimate support comes at the above said 2018 low. 

On the upside, once the downside correction is over, a new bullish wave may take the price towards $35.90-$36.00. This resistance area is created by 38.2% Fibo retracement level and the broken upside trendline. A sustainable move higher will open up the way towards psychological $40.00 and to the ultimate short-term bearish target at $43.80 (61.8% Fibo retracement).