HomeAltcoin NewsLitecoin (LTC) Price Analysis: Key Breakout Resistance at $98

Litecoin (LTC) Price Analysis: Key Breakout Resistance at $98

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  • Litecoin is consolidating losses near the $96 level against the US Dollar.
  • LTC price is now trading below $98 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $97.00 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could gain bullish momentum if it clears the $97 and $98 resistance levels.

Litecoin price is showing positive signs above $92 against the US Dollar, similar to Bitcoin. LTC price could climb again if there is a clear move above $98.

Litecoin Price Analysis

In the past few sessions, there were mostly range moves in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC started a downside correction from the $115 resistance.

The price traded below the $105 and $100 levels. However, the bulls were active near the $92 zone. The price is now consolidating losses and trading above $95. It even spiked a few times above the 23.6% Fib retracement level of the downward move from the $114.98 swing high to the $91.88 low.

However, the bears were active near the $98 resistance zone. It is now consolidating below $98 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $97 level.

There is also a key bearish trend line forming with resistance near $97.00 on the 4-hour chart of the LTC/USD pair. A clear move above the $98 level could push the price toward the $104 level or the 50% Fib retracement level of the downward move from the $114.98 swing high to the $91.88 low.

The next major resistance sits near the $110 level. Any more gains might send the price toward the $115 level. On the downside, initial support is near the $94 level.

The next major support is near the $92 level. If there is a downside break below the $92 support, the price could accelerate lower toward the $82 level in the near term.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, Litecoin’s price is trading below $98 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $97 and $98 resistance levels.

Technical indicators

4 hours MACD – The MACD for LTC/USD is now losing pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now below the 50 level.

Key Support Levels – $94 and $92

Key Resistance Levels – $97 and $98.

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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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