- 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.
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.
