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Litecoin price is correcting higher above $90 against the US Dollar. LTC could rally above $100 and increase towards the $110 resistance.
- Litecoin is continuing to move higher towards $100 against the US Dollar.
- The price is now trading above the $90 and 100 simple moving averages (4-hours).
- There was a break above a key bearish trend line with resistance near $86.20 on the 4-hours chart of the LTC/USD pair (data feed from Kraken).
- The price could continue higher towards the $100 and $110 levels.
Litecoin price gains strength
After forming a base above the $80 level, litecoin 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-hours chart of the LTC/USD pair. The pair gained more than 10% and outperformed both Bitcoin and Ethereum. It also climbed above the $92 level. A higher level formed near $95.85 and the price is now consolidating gains above the 23.6% Fibonacci retracement level of the rise from the $81.70 low to $95.85 high.
Litecoin is now trading above the $90 and 100 simple moving averages (4-hours). On the upside, an immediate resistance is near the $96 area. 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 rise.
Source: LTCUSD on Tradingview.com
In the mentioned case, the price is likely to rise towards the $108 and $110 levels. Any more gains could send the LTC price towards the $120 resistance area.
Are Dips Limited in LTC?
If litecoin price fails to clear the $100 resistance, there could be a downside correction. On the downside, an initial support is near the $92 level.
The next major support is forming near the $88.50 level or the 50% Fib retracement level of the rise from the $81.70 low to $95.85 high, below which there is a risk of a move towards the $85.00 support. Any further losses could probably take the price towards the $82 support.
Technical Indicators:
4-hours MACD – The MACD is now gaining momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is above the 50 level.
Key Support Levels – $92.50 and then $88.50.
Key Resistance Levels – $96.00 and $100.00.
