Litecoin (LTC) Price Analysis: More Gains Possible Above $100
- Litecoin started a steady increase above $92 against the US Dollar.
- LTC price is now trading above $94 and the 55 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance at $94 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could gain bullish momentum if it clears the $98 and $100 resistance levels.
Litecoin price is showing positive signs above $94 against the US Dollar, similar to bitcoin. LTC price could climb further 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 formed a base above the $90 level and started a fresh increase.
There was a clear move above the $92 and $94 resistance levels. During the increase, there was a break above a key bearish trend line with resistance at $94 on the 4-hours chart of the LTC/USD pair. The price even climbed above the $95 level and the 55 simple moving average (4-hours).
It is now trading above $94 and the 55 simple moving average (4-hours). On the upside, the price is facing resistance near the $98 level. It is near the 50% Fib retracement level of the downward move from the $106 swing high to $90 low.
A clear move above the $98 level could push the price towards the $100 level. It is near the 61.8% Fib retracement level of the downward move from the $106 swing high to $90 low.
The next major resistance sits near the $105 level. Any more gains might send the price towards the $112 level. On the downside, an initial support is near the $94 level. The next major support is near the $90 level. If there is a downside break below the $90 support, the price could accelerate lower towards the $85 level in the near term.
Litecoin (LTC) Price
Looking at the chart, litecoin price is clearly trading above $94 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $98 and $100 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 – $94 and $90
Key Resistance Levels – $98 and $100.
