Litecoin worth prolonged its enhance above the $90 zone towards the US Dollar. LTC is rising and may try a recent rally above the $100 resistance.
- Litecoin began a recent enhance above the $90 zone towards the US Dollar.
- The worth is now buying and selling above $90 and the 100 easy shifting common (4-hours).
- There is a key bullish development line forming with help close to $89.50 on the 4-hours chart of the LTC/USD pair (knowledge feed from Kraken).
- The worth might begin one other rally if there’s a clear transfer above the $100 resistance.
Litecoin Price Outperforms Bitcoin
This previous week, litecoin worth fashioned a help base above the $85 degree towards the US Dollar. LTC worth began a gradual enhance above the $90 resistance zone, outperforming bitcoin and ethereum.
The bulls have been capable of push the value above the $95 resistance. A brand new yearly excessive was fashioned close to $97.72 and the value is now consolidating positive aspects. It is buying and selling close to the 23.6% Fib retracement degree of the latest enhance from the $86.98 swing low to $97.72 excessive.
Litecoin worth is now buying and selling above $90 and the 100 easy shifting common (4-hours). There can be a key bullish development line forming with help close to $89.50 on the 4-hours chart of the LTC/USD pair.
Source: LTCUSD on TradingView.com
On the upside, a right away resistance is close to the $97.75 degree. The subsequent main resistance is close to the $100 degree. If there’s a clear break above the $100 resistance, the value might begin a robust enhance. In the said case, the value is more likely to proceed increased in the direction of the $108 and $115 ranges. Any extra positive aspects may ship ltc worth in the direction of the $120 resistance zone.
Dips Limited in LTC?
If Litecoin worth fails to clear the $100 resistance degree, there may very well be a draw back correction. An preliminary help on the draw back is close to the $92.50 degree.
The first main help is forming close to the $90 degree or the 76.4% Fib retracement degree of the latest enhance from the $86.98 swing low to $97.72 excessive or the development line. Any additional losses could maybe ship the value in the direction of the $85 help.
Technical indicators:
4-hours MACD – The MACD is slowly shedding tempo within the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is above the 50 degree.
Major Support Levels – $92.50 adopted by $90.00.
Major Resistance Levels – $97.75 and $100.00.
