Litecoin value is gaining tempo above $90 towards the US Dollar. LTC may rally additional above $100 and rise towards the $110 resistance.
- Litecoin is steadily transferring greater towards $100 towards the US Dollar.
- The value is now buying and selling above $90 and the 100 easy transferring common (4 hours).
- There was a break above a key bearish pattern line with resistance close to $86.20 on the 4-hour chart of the LTC/USD pair (information feed from Kraken).
- The value may rally additional towards the $100 and $110 ranges.
Litecoin Price Regains Strength
After forming a base above the $80 degree, Litecoin’s value began a recent enhance towards the US Dollar. LTC value broke the $85 resistance to begin the present rally.
There was a break above a key bearish pattern line with resistance close to $86.20 on the 4-hour chart of the LTC/USD pair. The pair rallied over 10% and outperformed each Bitcoin and Ethereum. It even climbed above the $92 degree. A excessive is shaped close to $95.85 and the worth is now consolidating features above the 23.6% Fib retracement degree of the upward transfer from the $81.70 swing low to the $95.85 excessive.
Litecoin is now buying and selling above $90 and the 100 easy transferring common (4 hours). On the upside, rapid resistance is close to the $96 zone. The subsequent main resistance is close to the $100 degree. If there’s a clear break above the $100 resistance, the worth may begin one other sturdy enhance.
Source: LTCUSD on TradingView.com
In the said case, the worth is prone to proceed greater towards the $108 and $110 ranges. Any extra features may ship LTC’s value towards the $120 resistance zone.
Are Dips Limited in LTC?
If Litecoin value fails to clear the $100 resistance degree, there might be a draw back correction. Initial assist on the draw back is close to the $92 degree.
The subsequent main assist is forming close to the $88.50 degree or the 50% Fib retracement degree of the upward transfer from the $81.70 swing low to the $95.85 excessive, beneath which there’s a threat of a transfer towards the $85.00 assist. Any additional losses might maybe ship the worth towards the $82 assist.
Technical indicators:
4-hour MACD – The MACD is now gaining tempo within the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for LTC/USD is above the 50 degree.
Major Support Levels – $92.50 adopted by $88.50.
Major Resistance Levels – $96.00 and $100.00.
