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- Litecoin started a strong advance above $95 against the US Dollar.
- LTC price is now trading above the $92 and the 55 (4-hour) simple moving average.
- There is a major bullish trend line forming with support near $92 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
- The pair remains supported for more gains above the $105 and $110 resistance levels.
The Litecoin price continues to rise above $90 against the US Dollar, similar to bitcoin. LTC price can continue to move up if well supported above the $90 level.
Litecoin Price Analysis
In the last few sessions, bitcoin, ethereum, ripple and litecoin have seen a modest increase against the US Dollar. Earlier, LTC formed a base above the $85 level and started a fresh advance.
There was a clear move above the $88 and $92 resistance levels. The price even rose above the $100 level and the 55 (4-hour) simple moving average. However, the bears are active near the $102.50 zone. A high was formed near $102.57 and prices are now consolidating gains.
It is trading above $92 and the 55 (4-hour) simple moving average. There is also a major bullish trend line forming with support near $92 on the 4-hour chart of the LTC/USD pair.
On the downside, initial support is near the $100 level. It was close to the 23.6% Fib retracement level of the move up from the swing low of $88.44 to high of $102.57. The first major support is near the $95.50 and $95.00 levels.
The 50% Fib retracement level of the upside from the $88.44 swing low to $102.57 high is also close to the $95 zone. In case of a downside break below the $95 support, the price could shoot lower towards the $92 level and the trend line in the near term.
On the bright side, the price is facing resistance near the $102 and $105 levels. A clear move above the $105 level could push the price towards the $110 level. The next major resistance is near the $120 level.
Litecoin (LTC) price.
Looking at the chart, Litecoin price is clearly trading above the $95 and 55 (4-hour) simple moving average. Overall, prices remain supported for more gains above the $105 and $110 resistance levels.
Technical indicators
4-hour MACD – The MACD for LTC/USD is now moving fast in the bullish zone.
4hrs RSI (Relative Strength Index) – The RSI for LTC/USD is now above the 50 level.
Key Support Levels – $95 and $92
Main Resistance Levels – $105 and $110.
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