Litecoin price is gaining pace above $90 against the US Dollar. LTC could rally further above $100 and rise toward the $110 resistance.
- Litecoin is steadily moving higher toward $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 trend line with resistance near $86.20 on the 4-hour chart of the LTC/USD pair (data feed from Kraken).
- The price could rally further toward the $100 and $110 levels.
Litecoin Price Regains Strength
After forming a base above the $80 level, Litecoin’s price started a fresh increase against the US Dollar. LTC price broke the $85 resistance to start the current rally.
There was a break above a key bearish trend line with resistance near $86.20 on the 4-hour chart of the LTC/USD pair. The pair rallied over 10% and outperformed both Bitcoin and Ethereum. It even climbed above the $92 level. A high is formed near $95.85 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $81.70 swing low to the $95.85 high.
Litecoin is now trading above $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 $100 level. If there is a clear break above the $100 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 $108 and $110 levels. Any more gains might send LTC’s price toward the $120 resistance zone.
Are Dips Limited in LTC?
If Litecoin price fails to clear the $100 resistance level, there could be a downside correction. Initial 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 toward the $85.00 support. Any further losses may perhaps send the price toward 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.