- Litecoin started a fresh increase from the $94 low against the US Dollar.
- LTC price is now trading above $100 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $100 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could accelerate higher above the $107 and $110 resistance levels.
Litecoin price is gaining pace above $100 against the US Dollar, similar to bitcoin. LTC price could continue to rise if it clears the $110 resistance zone.
Litecoin Price Analysis
This week, there was a decent increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC extended decline below the $98 support level.
The price even broke the $95 level and formed a low near $94.05. Recently, there was a decent increase above the $98 and $100 resistance levels. There was also a break above a major bearish trend line with resistance near $100 on the 4-hours chart of the LTC/USD pair.
The bulls pumped the price above the 50% Fib retracement level of the key decline from the $115 swing high to $94 low. It is now facing resistance near the $107 and $108 levels.
The 61.8% Fib retracement level of the key decline from the $115 swing high to $94 low is also near the $107 level. The first major resistance is near the $110 level. To start a fresh increase, the price must clear $108 and $110. In the stated case, the price could rise towards $115.
The next key resistance could be $120. On the downside, an immediate support is near the $104 level. The next key support is near the $102 level or the broken trend line at $100.
If there is a downside break below the $100 support, the price could continue to move down towards the $95 level in the near term.
Looking at the chart, litecoin price is clearly trading above $102 and the 55 simple moving average (4-hours). Overall, the price could accelerate higher above the $107 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 60 level.
Key Support Levels – $102 and $100
Key Resistance Levels – $107 and $110.
