Litecoin (LTC) Price Analysis: This Support Holds The Key To Fresh Increase
Litecoin is holding gains above the $92.00 support against the US Dollar.
LTC price is now trading below $100.00 and the 55 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $101.50 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
The pair could gain bullish momentum if it clears the $100.00 and $101.50 resistance levels.
Litecoin price is holding gains above $92 against the US Dollar, like Bitcoin. LTC price could climb again if there is a clear move above $101.50.
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 $106 resistance zone and started a fresh decline.
There was a move below the $102 and $100 support levels. Finally, the bulls protected the key support at $93.50. A low was formed near $93.46, and the price is now attempting a fresh increase. The price started a recovery wave above the $95 level.
It broke the 23.6% Fib retracement level of the downward move from the $106.02 swing high to the $93.46 low. Litecoin is now trading below $100.00 and the 55 simple moving average (4 hours).
On the upside, the price is facing resistance near the $100 level or the 50% Fib retracement level of the downward move from the $106.02 swing high to the $93.46 low. The next major resistance is near the $101.50 level or the trend line.
A clear move above the $101.50 level could push the price toward the $106 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 $95.00 level. The next major support is near the $93.50 level. If there is a downside break below the $93.50 support, the price could accelerate lower toward the $88.00 level in the near term.
Looking at the chart, Litecoin’s price is trading below $100.00 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $100.00 and $101.50 resistance levels.
Technical indicators
4 hours MACD – The MACD for LTC/USD is now losing pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now below the 50 level.
Key Support Levels – $95.00 and $93.50.
Key Resistance Levels – $100.00 and $101.50.
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Filed under: Bitcoin - @ April 11, 2024 3:08 am