Litecoin (LTC) Price Analysis: Rally Could Resume Toward $100
Litecoin is gaining pace above the $80.00 resistance against the US Dollar.
LTC price is now trading above $82.00 and the 55 simple moving average (4 hours).
There is a key bearish trend line forming with resistance at $88.00 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
The pair could gain bullish momentum if it clears the $86.50 and $88.00 resistance levels.
Litecoin price is recovering from the $75 zone against the US Dollar, like Bitcoin. LTC price could climb again if there is a clear move above $88.
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 struggled to clear the $95 resistance zone and started a fresh decline.
There was a move below the $88 and $85 support levels. Finally, the bulls protected the key support at $75. A low was formed near $72.06, and the price is now attempting a fresh increase. The price started a recovery wave above the $80.00 level.
It broke the 50% Fib retracement level of the downward move from the $94.88 swing high to the $72.06 low. Litecoin is now trading above $80.00 and the 55 simple moving average (4 hours).
On the upside, the price is facing resistance near the $86.50 level or the 61.8% Fib retracement level of the downward move from the $94.88 swing high to the $72.06 low. The next major resistance is near the $80 level. There is also a key bearish trend line forming with resistance at $88.00 on the 4-hour chart of the LTC/USD pair.
A clear move above the $88 level could push the price toward the $95 zone. The next major resistance sits near the $100 level. Any more gains might send the price toward the $112 level.
On the downside, initial support is near the $83.40 level. The next major support is near the $82.00 level. If there is a downside break below the $82.00 support, the price could accelerate lower toward the $75.00 level in the near term.
Looking at the chart, Litecoin’s price is trading above $80.00 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $86.50 and $88.00 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 – $83.40 and $82.00.
Key Resistance Levels – $86.50 and $88.00.
The post Litecoin (LTC) Price Analysis: Rally Could Resume Toward $100 appeared first on Live Bitcoin News.
Filed under: Bitcoin - @ March 7, 2024 3:18 am