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Litecoin price is up over 10% and trading above $105 against the US Dollar. LTC could continue to rise toward the $120 resistance zone in the near term.
- Litecoin is showing positive signs from the $95 support zone against the US Dollar.
- The price is now trading above $105 and the 100 simple moving average (4 hours).
- There is a key bullish trend line forming with support at $101.50 on the 4-hour chart of the LTC/USD pair (data feed from Kraken).
- The price could continue to rise toward the $120 level unless it breaks the $100 support.
Litecoin Price Gains Bullish Momentum
In the past couple of days, Litecoin gained pace and outperformed Bitcoin and Ethereum. LTC price formed a base above the $80 level and started a decent increase.
There was a break above the $88 and $95 resistance levels. The bulls even pushed the price above $100. There was a clear move above the 76.4% Fib retracement level of the downward move from the $105.71 swing high to the $77.00 low. A new multi-week high was formed at $112.49 and the price is now consolidating gains.
top near $68.40 before it started a fresh decline.
Litecoin is now trading above $10 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $101.50 on the 4-hour chart of the LTC/USD pair.
On the upside, immediate resistance is near the $112.50 zone. It is near the 1.236 Fib extension level of the downward move from the $105.71 swing high to the $77.00 low. The next major resistance is near the $115 level. If there is a clear break above the $115 resistance, the price could start another strong increase.
Source: LTCUSD on TradingView.com
In the stated case, the price is likely to continue higher toward the $120 and $122 levels. Any more gains might send LTC’s price toward the $132 resistance zone.
Are Dips Supported in LTC?
If Litecoin price fails to clear the $105 resistance level, there could be a downside correction. Initial support on the downside is near the $105 level.
The next major support is forming near the $100 level, below which there is a risk of a move toward the $95 support. Any further losses may perhaps send the price toward the $88 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 65 level.
Major Support Levels – $105 followed by $100.
Major Resistance Levels – $115 and $120.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
