Litecoin Price Analysis: LTC/USD nurtures a bullish momentum towards $40

Litecoin has started afresh bullish session on Tuesday with gains of more than 3% on the day.
Technical levels are gradually aligning in the favor of the bulls as Litecoin buyers eye levels above $40.

Spot rate: $34.62

Relative change: 1.2230

Percentage change: 3.68%

Trend: Bearish

Volatility: High

LTC/USD daily chart

Litecoin price has sustained losses in the confines of a descending triangle. Following the crash to $25, LTC/USD has recovered above $30 but gains have been limited under $40. At the time of writing LTC/USD is trading at $35 amid a growing bullish momentum.

The Elliot Wave Oscillator has commenced a new bullish session in the daily range following an extended bearish session (lasted over a week). The immediate target is to pull LTC/USD above $40 and allow the bulls to focus on the levels towards $50 and $60.

LTC/USD 1-hour chart

Litecoin price is also battling the resistance at the descending trendline. The hurdle has been tested several times during the downtrend experienced last week. If the bulls manage to clear the resistance above this line, the move could trigger a massive jump north.

Meanwhile, the 50 SMA is in line to offer immediate support if the current gains become unsustainable. Bearish pressure seems present especially with the 50 SMA above the short term 21 SMA. The key support for LTC/USD is between $25 and $30.

LTC/USD

Overview
Today last price	34.6125
Today Daily Change	1.2467
Today Daily Change %	3.74
Today daily open	33.3658

Trends
Daily SMA20	51.9807
Daily SMA50	64.3832
Daily SMA100	55.5687
Daily SMA200	57.2466

Levels
Previous Daily High	36.3222
Previous Daily Low	29.277
Previous Weekly High	60.5491
Previous Weekly Low	24.9467
Previous Monthly High	84.4232
Previous Monthly Low	56.6073
Daily Fibonacci 38.2%	31.9682
Daily Fibonacci 61.8%	33.6309
Daily Pivot Point S1	29.6545
Daily Pivot Point S2	25.9431
Daily Pivot Point S3	22.6092
Daily Pivot Point R1	36.6997
Daily Pivot Point R2	40.0336
Daily Pivot Point R3	43.745

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