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Litecoin Price Outperforms Bitcoin

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

Aayush Jindal by Aayush Jindal
4 months ago
in Uncategorized
Reading Time: 2 mins read

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.

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

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. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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