- Litecoin is gaining pace above the $90.00 resistance against the US Dollar.
- LTC price is now trading above $95.00 and the 55 simple moving average (4 hours).
- There is a key bullish trend line forming with support at $97.40 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
- The pair could gain bullish momentum if it clears the $103.20 and $105.00 resistance levels.
Litecoin price is holding gains above $90 against the US Dollar, like Bitcoin. LTC price could climb again if there is a clear move above $103.20.
Litecoin Price Analysis
In the past few sessions, there were range moves in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC struggled to clear the $110 resistance zone and started a fresh decline.
There was a move below the $105 and $103.20 support levels. Finally, the bulls protected the key support at $96.50. A low was formed near $96.58, and the price is now attempting a fresh increase. The price started a recovery wave above the $98 level.
It broke the 23.6% Fib retracement level of the downward move from the $109.89 swing high to the $96.58 low. Litecoin is now trading above $95.00 and the 55 simple moving average (4 hours). There is also a key bullish trend line forming with support at $97.40 on the 4-hour chart of the LTC/USD pair.
On the upside, the price is facing resistance near the $100 level. The next major resistance is near the $103.20 level or the 50% Fib retracement level of the downward move from the $109.89 swing high to the $96.58 low.
A clear move above the $103.20 level could push the price toward the $108 zone. The next major resistance sits near the $110 level. Any more gains might send the price toward the $120 level.
On the downside, initial support is near the $97.40 level and the trend line. The next major support is near the $95.00 level. If there is a downside break below the $95.00 support, the price could accelerate lower toward the $88.00 level in the near term.
Looking at the chart, Litecoin’s price is trading above $95.00 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $103.20 and $110 resistance levels.
Technical indicators
4 hours MACD – The MACD for LTC/USD is now losing pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now below the 50 level.
Key Support Levels – $97.40 and $95.00.
Key Resistance Levels – $103.20 and $105.00.