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Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
Litecoin Price Outperforms Bitcoin

Litecoin Price Prediction: Bullish Break To $120 Still In Sight

Aayush Jindal by Aayush Jindal
2 months ago
in Uncategorized
Reading Time: 2 mins read
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Litecoin price extended its increase above the $90 zone against the US Dollar. LTC is rising and might attempt a fresh rally above the $100 resistance.

  • Litecoin started a fresh increase above the $90 zone against the US Dollar.
  • The price is now trading above $90 and the 100 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $89.50 on the 4-hours chart of the LTC/USD pair (data feed from Kraken).
  • The price could start another rally if there is a clear move above the $100 resistance.

Litecoin Price Outperforms Bitcoin

This past week, litecoin price formed a support base above the $85 level against the US Dollar. LTC price started a steady increase above the $90 resistance zone, outperforming bitcoin and ethereum.

The bulls were able to push the price above the $95 resistance. A new yearly high was formed near $97.72 and the price is now consolidating gains. It is trading near the 23.6% Fib retracement level of the recent increase from the $86.98 swing low to $97.72 high.

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Litecoin price is now trading above $90 and the 100 simple moving average (4-hours). There is also a key bullish trend line forming with support near $89.50 on the 4-hours chart of the LTC/USD pair.

Litecoin Price Prediction

Source: LTCUSD on TradingView.com

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On the upside, an immediate resistance is near the $97.75 level. 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 $108 and $115 levels. Any more gains might send ltc price towards the $120 resistance zone.

Dips Limited in LTC?

If Litecoin price fails to clear the $100 resistance level, there could be a downside correction. An initial support on the downside is near the $92.50 level.

The first major support is forming near the $90 level or the 76.4% Fib retracement level of the recent increase from the $86.98 swing low to $97.72 high or the trend line. Any further losses may perhaps send the price towards the $85 support.

Technical indicators:

4-hours MACD – The MACD is slowly losing pace in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is above the 50 level.

Major Support Levels – $92.50 followed by $90.00.

Major Resistance Levels – $97.75 and $100.00.

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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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