HomeAltcoin NewsLitecoin (LTC) Price Analysis: Strong Rally Above $100 Calls For $120

Litecoin (LTC) Price Analysis: Strong Rally Above $100 Calls For $120

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  • Litecoin price rallied sharply and broke many hurdles near $90.00 and $95.00 against the US Dollar.
  • LTC price even surged above the $100.00 barrier and traded close to the $108.00 levels.
  • There is a major bullish trend line forming with support at $96.20 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair is currently correcting gains, but it remains well supported near $98.00 and $96.00.

Litecoin price rallied significantly and broke the $100.00 barrier against the US Dollar, while bitcoin is consolidating. LTC price is likely to continue higher and it could soon test $120.00.

Litecoin Price Analysis

This week, there was a strong rally in litecoin price from the $85.60 swing low against the US Dollar. The LTC/USD pair formed a support base above $82.00 and $85.00 and recently climbed significantly. Bitcoin and Ethereum also performed really well, helping LTC in clearing the main $90.00 and $92.00 resistance levels. The price even settled above the $90.00 barrier and the 55 simple moving average (4-hours). Finally, there was a break above the main $100.00 barrier. A new monthly high was formed at $107.61 and the price is currently correcting lower.

It broke the $102.00 support and the 23.6% Fib retracement level of the upward move from the $85.60 low to $107.61 high. The price even declined below the $100.00 level and recently tested the $96.00-98.00 support area. The 50% Fib retracement level of the upward move from the $85.60 low to $107.61 high is also near the $96.60 level to provide support. Moreover, there is a major bullish trend line forming with support at $96.20 on the 4-hours chart of the LTC/USD pair.

Therefore, the price remains well supported above the $96.00 and $98.00 levels. If there is a break below the trend line, the price could extend correction towards $90.80. It represents the 76.4% Fib retracement level of the upward move from the $85.60 low to $107.61 high. On the upside, an initial resistance is near the $102.50 level, above which the price may revisit the $107.00 level.

Litecoin Price Analysis LTC Chart

Looking at the chart, litecoin price is trading nicely in an uptrend above the $96.00 support area. If it starts a fresh increase above $102.50 and $107.00, there are chances of a break above $115.00. The next stop for the bulls could be near the $120.00 level in the near term.

Technical indicators

4 hours MACD – The MACD for LTC/USD is losing momentum in the bullish zone, with a few bearish signs.

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently moving lower towards the 60 level.

Key Support Levels – $98.00 and $96.00.

Key Resistance Levels – $107.00 and $115.00.

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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