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HomeAltcoin NewsLitecoin (LTC) Price Analysis: Key Barrier Still Near $100

Litecoin (LTC) Price Analysis: Key Barrier Still Near $100

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  • Litecoin started a steady increase above $85 against the US Dollar.
  • LTC price is now trading above $88 and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance at $92 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could gain bullish momentum if it clears the $92 and $95 resistance levels.

Litecoin price is showing positive signs above $85 against the US Dollar, similar to bitcoin. LTC price could climb further if there is a clear move above $92.

Litecoin Price Analysis

In the past few sessions, there were mostly positive moves 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 $90 resistance levels. During the increase, there was a break above the 50% Fib retracement level of the downward move from the $96.11 swing high to $85.66 low. It even cleared the $90 resistance zone.

The price is now trading above $88 and the 55 simple moving average (4-hours). On the upside, the price is facing resistance near the $92 level.

There is also a key bearish trend line forming with resistance at $92 on the 4-hours chart of the LTC/USD pair. The trend line is near the 61.8% Fib retracement level of the downward move from the $96.11 swing high to $85.66 low.

A clear move above the $92 level could push the price towards the $95 level. The next major resistance sits near the $100 level. Any more gains might send the price towards the $112 level.

On the downside, an initial support is near the $88 level. The next major support is near the $85 level. If there is a downside break below the $85 support, the price could accelerate lower towards the $75 level in the near term.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading above $88 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $92 and $95 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 – $88 and $85

Key Resistance Levels – $92 and $95.

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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