HomeAltcoin NewsLitecoin (LTC) Price Analysis: Rally Reaches Crucial Juncture At $92

Litecoin (LTC) Price Analysis: Rally Reaches Crucial Juncture At $92

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  • Litecoin price started a strong surge above the $80.00 and $82.00 resistance levels against the US Dollar.
  • LTC price traded close to the $95.00 level and settled below the 55 simple moving average (4-hours).
  • There was a break above a key bearish trend line with resistance near $82.10 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair is now facing a strong resistance near the $92.00 and $94.00 levels.

Litecoin price is up over 10% and it tested the $95.00 zone against the US Dollar, while bitcoin is above $21K. LTC price could correct lower if it struggles near $92.50 and $94.50.

Litecoin Price Analysis

This week, there was a sharp increase in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price formed a strong support base near the $78.30 level before starting the recent increase.

There was a break above the $82.00 resistance level and the price settled nicely above the 55 simple moving average (4-hours). During the rise, there was a break above a key bearish trend line with resistance near $82.10 on the 4-hours chart of the LTC/USD pair.

There was also a break below the $88.00 level and the price spiked above the main $92.50 resistance zone. A high is formed near the $94.53 level and the price is currently consolidating gains.

An initial support on the downside is near the $90.70 level. It is close to the 23.6% Fib retracement level of the recent rally from the $78.30 low to $94.53 high. If there are more downsides, the price could correct lower towards the $86.50 and $85.50 levels.

The 50% Fib retracement level of the recent rally from the $78.30 low to $94.53 high is also near the $86.40 level. Conversely, the price could continue to move up above the $92.50 resistance.

The next major resistance is near the $94.50 and $95.00 levels. A successful close above the $95.00 level may perhaps spark a move towards the $100.00 level.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly showing bullish signs below $90.00 and the 55 simple moving average (4-hours). Overall, the price is now facing a strong resistance near the $92.00 and $94.00 levels, but it remains well supported for more gains.

Technical indicators

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

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is correcting lower from the 70 level.

Key Support Levels – $90.00 and $86.50.

Key Resistance Levels – $92.50 and $95.00.

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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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