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Litecoin price is showing positive signs above the $92 zone against the US Dollar. LTC could gain bullish momentum if it clears the $98 resistance zone.
- Litecoin started a fresh increase above the $95 zone against the US Dollar.
- The price is now trading above $95 and the 100 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $94 on the 4-hours chart of the LTC/USD pair (data feed from Kraken).
- The price could start another surge if there is a clear move above the $98 resistance.
Litecoin Price Gains Pace, Outperforms Bitcoin
This past week, litecoin price formed a support base above the $90 level against the US Dollar. LTC price started a steady increase above the $92 resistance zone, similar to bitcoin and ethereum.
The bulls were able to push the price above the $95 resistance. During the increase, there was a break above a major bearish trend line with resistance near $94 on the 4-hours chart of the LTC/USD pair. It cleared the 23.6% Fib retracement level of the downward move from the $105 swing high to $90 low.
Litecoin price is now trading above $95 and the 100 simple moving average (4-hours). On the upside, an immediate resistance is near the $98 zone. It is near the 50% Fib retracement level of the downward move from the $105 swing high to $90 low.
Source: LTCUSD on TradingView.com
The next major resistance is near the $100 level. If there is a clear break above the $100 resistance, the price could start a strong increase. In the stated case, the price is likely to continue higher towards the $105 and $108 levels. Any more gains might send ltc price towards the $112 resistance zone.
Dips Supported in LTC?
If Litecoin price fails to clear the $100 resistance level, there could be another downside correction. An initial support on the downside is near the $95.00 level.
The first major support is forming near the $92 level, below which there is a risk of a move towards the $90 support. Any further losses may perhaps send the price towards the $85 support.
Technical indicators:
4-hours MACD – The MACD is now gaining pace in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is above the 50 level.
Major Support Levels – $95.00 followed by $92.00.
Major Resistance Levels – $98.00 and $100.00.
