Litecoin price is showing positive signs above the $90 zone against the US Dollar. LTC is rising and might attempt a fresh rally above the $100 resistance.
- Litecoin started a fresh increase above the $92 zone against the US Dollar.
- The price is now trading above $92 and the 100 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $94.40 on the 4-hours chart of the LTC/USD pair (data feed from Kraken).
- The price could start another surge if there is a clear move above the $100 resistance.
Litecoin Price Outpaces Bitcoin
This past week, litecoin price formed a support base above the $88 level against the US Dollar. LTC price started a steady increase above the $92 resistance zone, similar to bitcoin and ethereum.
The bulls were able to push the price above the $100 resistance. A new yearly high was formed near $102.38 before there was a downside correction. There was a move below the $100 level. The price declined below the 23.6% Fib retracement level of the upward move from the $88.38 swing low to $102.38 high.
Litecoin price is now trading above $92 and the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support near $94.40 on the 4-hours chart of the LTC/USD pair.
Source: LTCUSD on TradingView.com
On the upside, an immediate resistance is near the $100 zone. The next major resistance is near the $102.50 level. If there is a clear break above the $102.50 resistance, the price could start a strong increase. In the stated case, the price is likely to continue higher towards the $112 and $115 levels. Any more gains might send ltc price towards the $120 resistance zone.
Dips Supported in LTC?
If Litecoin price fails to clear the $102.50 resistance level, there could be another downside correction. An initial support on the downside is near the $96.00 level.
The first major support is forming near the $95 level or the 50% Fib retracement level of the upward move from the $88.38 swing low to $102.38 high or the trend line. Any further losses may perhaps send the price towards the $88 support.
Technical indicators:
4-hours MACD – The MACD is now gaining pace in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is above the 50 level.
Major Support Levels – $96.00 followed by $94.20.
Major Resistance Levels – $100.00 and $102.50.
