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HomeAltcoin NewsLitecoin (LTC) Price Analysis: Break Above $100 Looks Real

Litecoin (LTC) Price Analysis: Break Above $100 Looks Real

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  • Litecoin started a strong increase above $95 against the US Dollar.
  • LTC price is now trading above $92 and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $92 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair remains supported for more gains above the $105 and $110 resistance levels.

Litecoin price is rising steadily above $90 against the US Dollar, similar to bitcoin. LTC price could continue to move up if it remains well supported above the $90 level.

Litecoin Price Analysis

In the past few sessions, there was a decent increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a base above the $85 level and started a fresh increase.

There was a clear move above the $88 and $92 resistance levels. The price even climbed above the $100 level and the 55 simple moving average (4-hours). However, the bears were active near the $102.50 zone. A high was formed near $102.57 and the price is now consolidating gains.

It is trading above $92 and the 55 simple moving average (4-hours). There is also a major bullish trend line forming with support near $92 on the 4-hours chart of the LTC/USD pair.

On the downside, an initial support is near the $100 level. It is close to the 23.6% Fib retracement level of the upward move from the $88.44 swing low to $102.57 high. The first major support is near the $95.50 and $95.00 levels.

The 50% Fib retracement level of the upward move from the $88.44 swing low to $102.57 high is also near the $95 zone. If there is a downside break below the $95 support, the price could accelerate lower towards the $92 level and the trend line in the near term.

On the upside, the price is facing resistance near the $102 and $105 levels. A clear move above the $105 level could pump the price towards the $110 level. The next major resistance sits near the $120 level.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading above $95 and the 55 simple moving average (4-hours). Overall, the price remains supported for more gains above the $105 and $110 resistance levels.

Technical indicators

4 hours MACD – The MACD for LTC/USD is now gaining pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now above the 50 level.

Key Support Levels – $95 and $92

Key Resistance Levels – $105 and $110.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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