Litecoin price is gaining pace above $90 against the US dollar. LTC could climb further above USD 100 and rise towards the USD 110 resistance.
- Litecoin is steadily moving up towards $100 against the US Dollar.
- The price is now trading above $90 and the 100 simple moving average (4 hours).
- There was a break above a key bearish trendline with resistance near $86.20 on the 4-hour chart of the LTC/USD pair (data feed from Kraken).
- The price could continue to climb towards the $100 and $110 levels.
Litecoin price is gaining momentum
After forming a base above the USD 80 level, Litecoin price started rising again against the US dollar. LTC price broke the $85 resistance to start the current rally.
There was a break above a key bearish trendline with resistance near $86.20 on the 4-hour chart of the LTC/USD pair. The pair was up more than 10%, outperforming both Bitcoin and Ethereum. It even climbed above the $92 level. A high is forming near $95.85 and the price is now consolidating gains above the 23.6% Fib retracement level from the upward move from the $81.70 swing low to the $95.85 high.
Litecoin is now trading above USD 90 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $96 zone. The next major resistance is near the USD 100 level. If there is a clear break above the USD 100 resistance, the price could rise sharply again.
Source: LTCUSD at TradingView.com
In the said case, the price is likely to continue higher towards $108 and $110. More gains may push the price of LTC to the $120 resistance zone.
Are dips limited in LTC?
If the Litecoin price fails to cross the $100 resistance level, there could be a downside correction. The first support on the downside is near the $92 level.
The next major support is forming near the $88.50 level or the 50% Fib retracement level of the upward move from the $81.70 swing low to the $95.85 high, below which there is a risk of a move towards the $85.00 support. Any further losses might push the price towards the $82 support.
Technical indicators:
4-hour MACD – The MACD is now gaining pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for LTC/USD is above the 50 level.
Major Support Levels – $92.50 followed by $88.50.
Major Resistance Levels – $96.00 and $100.00.