- Litecoin is eyeing an upside break above the $115 resistance against the US Dollar.
- LTC price is now trading above $100 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $106 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could start a fresh increase if it manages to clear the $115 resistance zone.
Litecoin price is still below $115 against the US Dollar, similar to bitcoin. LTC price could decline heavily if there is a close below the $100 level.
Litecoin Price Analysis
This week, there was a decent increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a base above the $100 support level.
It traded as low as $100.90 before starting a fresh increase. There was a clear move above the $105 resistance level and the 55 simple moving average (4-hours). The price climbed above the 50% Fib retracement level of the key decline from the $116 swing high to $97 swing low.
The price even spiked above the $110 level. It is now consolidating near the 76.4% Fib retracement level of the key decline from the $116 swing high to $97 swing low.
There is also a key bullish trend line forming with support near $106 on the 4-hours chart of the LTC/USD pair. On the upside, an initial resistance is near the $112 level. The first major resistance is near the $115 level. To start a fresh increase, the price must clear $114 and $115.
In the stated case, the price could rise towards $125. The next key resistance could be $132. If there is no upside break, the price might correct lower below $108.
On the downside, an immediate support is near the $106 level. The next key support is near the $100 level. If there is a downside break below the $100 support, the price could continue to move down towards the $92 level.
Looking at the chart, litecoin price is clearly trading above $105 and the 55 simple moving average (4-hours). Overall, the price could start a fresh increase if it manages to clear the $115 resistance zone.
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 – $106 and $100
Key Resistance Levels – $112 and $115.
