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HomeAltcoin NewsLitecoin (LTC) Price Analysis: Bulls Aim Key Upside Break

Litecoin (LTC) Price Analysis: Bulls Aim Key Upside Break

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  • Litecoin started a steady increase above $95 against the US Dollar.
  • LTC price is now trading above $95 and the 55 simple moving average (4-hours).
  • There was a break above a key contracting triangle with resistance at $92 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair remains supported for more gains above the $100 and $105 resistance levels.

Litecoin price is showing positive signs above $95 against the US Dollar, similar to bitcoin. LTC price could climb further if there is a clear move above $105.

Litecoin Price Analysis

In the past few sessions, there was a strong increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a base above the $90 level and started a fresh increase.

There was a clear move above the $94 and $95 resistance levels. During the increase, there was a break above a key contracting triangle with resistance at $92 on the 4-hours chart of the LTC/USD pair. The price even climbed above the $100 level and the 55 simple moving average (4-hours).

A high was formed near $103.78 and the price is now consolidating gains. On the upside, the price is facing resistance near the $104 and $105 levels.

A clear move above the $105 level could pump the price towards the $112 level. The next major resistance sits near the $120 level. Any more gains might send the price towards the $125 level.

On the downside, an initial support is near the $100 level. It is near the 23.6% Fib retracement level of the upward wave from the $88.25 swing low to $103.78 high. The first major support is near the $97.00 level. The next major support is near the $96 level.

The 50% Fib retracement level of the upward wave from the $88.25 swing low to $103.78 high is also near the $96 level. If there is a downside break below the $96 support, the price could accelerate lower towards the $92 level in the near term.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading above $100 and the 55 simple moving average (4-hours). Overall, the price remains supported for more gains above the $100 and $105 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 – $97 and $96

Key Resistance Levels – $105 and $112.

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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