HomeAltcoin NewsLitecoin (LTC) Price Analysis: Bulls Target Bullish Move Above $120

Litecoin (LTC) Price Analysis: Bulls Target Bullish Move Above $120

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  • Litecoin started a recovery wave above the $105 resistance against the US Dollar.
  • LTC price is now trading above $105 and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $112 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could gain bullish momentum if it clears $115 and $118 in the near term.

Litecoin price is showing positive signs above $100 against the US Dollar, similar to bitcoin. LTC price could start a decent increase above the $115 level.

Litecoin Price Analysis

This week, there was a decent recovery in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC extended decline below the $110 support zone.

The price tested the $100 support zone and started a recovery wave. There was a move above the $105 resistance zone and the 55 simple moving average (4-hours). The price surpassed the 23.6% Fib retracement level of the key decline from the $134 swing high to $100 low.

Besides, there was a break above a major bearish trend line with resistance near $112 on the 4-hours chart of the LTC/USD pair. It is now consolidating near the $112 level. On the upside, an initial resistance is near the $115 level.

The first major resistance is near the $118 level. It is near the 50% Fib retracement level of the recent decline from the $130 swing high to $110 low. The main resistance is now forming near the $120 pivot level. To start a fresh increase, the price must clear $118 and $120. In the stated case, the price could rise towards $134. The next key resistance could be $142.

On the downside, an immediate support is near the $110 level. The next key support is near the $105 level. If there is a downside break below the $105 support, the price could continue to move down towards the $100 level.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading above $105 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears $115 and $118 in the near term.

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 – $110 and $100

Key Resistance Levels – $118 and $120.

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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