Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Litecoin price is attempting an upside break above $93 against the US Dollar. LTC could rally if it clears the $93 and $95 resistance levels.
- Litecoin is slowly moving higher toward $95 against the US Dollar.
- The price is now trading above $90 and the 100 simple moving average (4 hours).
- There is a key contracting triangle forming with resistance near $92.50 on the 4-hour chart of the LTC/USD pair (data feed from Kraken).
- The price could rally toward the $100 and $105 levels.
Litecoin Price Eyes Upside Break
After a steady increase, Litecoin’s price struggled near the $95 resistance against the US Dollar. LTC price started a downside correction and traded below the $92 level.
The price tested the 23.6% Fib retracement level of the upward move from the $5.26 swing low to the $95.00 high. However, the bulls seem to be protecting a downside break, unlike Bitcoin and Ethereum. Litecoin is now consolidating above the $90 level.
It is trading above $90 and the 100 simple moving average (4 hours). There is also a key contracting triangle forming with resistance near $92.50 on the 4-hour chart of the LTC/USD pair.
Source: LTCUSD on TradingView.com
On the upside, immediate resistance is near the $93 zone. The next major resistance is near the $95 level. If there is a clear break above the $95 resistance, the price could start another strong increase. In the stated case, the price is likely to continue higher toward the $100 and $105 levels. Any more gains might send LTC’s price toward the $112 resistance zone.
Fresh Decline in LTC?
If Litecoin price fails to clear the $95 resistance level, there could be a fresh decline. Initial support on the downside is near the $91 level and the triangle lower trend line.
The next major support is forming near the $85 level or the 50% Fib retracement level of the upward move from the $5.26 swing low to the $95.00 high, below which there is a risk of a move toward the $80 support. Any further losses may perhaps send the price toward the $75 support.
Technical indicators:
4-hour MACD – The MACD is now gaining pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for LTC/USD is above the 50 level.
Major Support Levels – $91.00 followed by $85.00.
Major Resistance Levels – $93.00 and $95.00.
