Litecoin price is gaining pace above the $100 zone against the US Dollar. LTC could rise further if there is a clear move above the $105 resistance zone.
- Litecoin started a fresh increase above the $98 zone against the US Dollar.
- The price is now trading above $98 and the 100 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $100 on the 4-hour chart of the LTC/USD pair (data feed from Kraken).
- The price could start another surge if there is a clear move above the $105 resistance.
Litecoin Price Eyes Steady increase
This past week, Litecoin’s price formed a support base above the $95 level against the US Dollar. LTC price started a steady increase above the $98 resistance zone, similar to Bitcoin and Ethereum.
The bulls were able to push the price above the $100 resistance. A high is formed near $102.90 and the price is now consolidating gains. It is trading well above $98 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $100 on the 4-hour chart of the LTC/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $97.35 swing low to the $102.90 high.
On the upside, immediate resistance is near the $103 zone. The next major resistance is near the $105 level. If there is a clear break above the $105 resistance, the price could start another strong increase.
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In the stated case, the price is likely to continue higher toward the $112 and $115 levels. Any more gains might send LTC’s price toward the $120 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 $100 level and the trend line.
The next major support is forming near the $98 level or the 76.4% Fib retracement level of the upward move from the $97.35 swing low to the $102.90 high, below which there is a risk of a move toward the $95 support. Any further losses may perhaps send the price toward the $92 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 – $100.00 followed by $98.00.
Major Resistance Levels – $105.00 and $112.00.
