- Litecoin started a steady increase above $90 against the US Dollar.
- LTC price is now trading above $92 and the 55 simple moving average (4 hours).
- There is a key bullish trend line forming with support at $92 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
- The pair could rise further if it clears the $98 and $100 resistance levels.
Litecoin price is showing positive signs above $92 against the US Dollar, like Bitcoin. LTC price could climb further if there is a clear move above $98.
Litecoin Price Analysis
In the past few sessions, there was a steady increase in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC formed a base above the $78 level and started a fresh increase.
There was a clear move above the $84 and $88 resistance levels. The pair even cleared the $95 resistance zone. A high was formed near $98.90 and the price is now consolidating gains. There was a minor decline below the $95 level. The price declined below the 23.6% Fib retracement level of the upward move from the $76.96 swing low to the $98.90 high.
Litecoin is now trading above $92 and the 55 simple moving average (4 hours). There is also a key bullish trend line forming with support at $92 on the 4-hour chart of the LTC/USD pair.
On the upside, the price is facing resistance near the $98.90 level. The next major resistance sits near the $100 level. A clear move above the $100 level could push the price toward the $105 level. Any more gains might send the price toward the $112 level.
On the downside, initial support is near the $92 level. The next major support is near the 50% Fib retracement level of the upward move from the $76.96 swing low to the $98.90 high at $88. If there is a downside break below the $88 support, the price could accelerate lower toward the $80 level in the near term.
Looking at the chart, Litecoin price is clearly trading above $92 and the 55 simple moving average (4 hours). Overall, the price could rise further if it clears the $98 and $100 resistance levels.
Technical indicators
4 hours MACD – The MACD for LTC/USD is now gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now above the 50 level.
Key Support Levels – $92 and $88
Key Resistance Levels – $98 and $100.