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