Litecoin price extended gains and moved above the $88.00 resistance against the US Dollar. LTC/USD remains poised for more gains above the $92.00 level.
Key Talking Points
- Litecoin price traded to a new high and touched the $90.00 mark against the US Dollar.
- There are two important bullish trend lines forming with supports near $86.00 and $78.00 on the hourly chart of LTC/USD.
- The pair might continue to move higher and it is likely to trade above $92.00.
Litecoin Price Forecast
During the past few days, there were continuous gains in Litecoin price from the $68.00 swing low against the US Dollar. The LTC/USD pair made good ground and broke a few important resistances such as $80.00 and $85.00 to settle above the 100 hourly simple moving average.
The pair traded as high as $90.00 (data feed via Kraken). Before setting the mentioned high, there was a correction from the $88.35 high to $81.00 low. Buyers protected declines near the $80.00 handle and the pair recovered well.
The price has already move above the $88.35 swing high, which is a positive sign and broke a bearish trend line with resistance at $88.60 on the hourly chart. At present, the pair is trading near the 1.236 Fib extension of the last decline from the $88.35 high to $81.00 low.
If the current trend stays intact, the price will most likely break the $90.15 level and trade further higher. The next upside target could be the 1.618 Fib extension of the last decline from the $88.35 high to $81.00 low at $92.98.
On the downside, there are two important bullish trend lines forming with supports near $86.00 and $78.00 on the hourly chart. If the price corrects lower from the current levels, $86.00-$85.00 support area can play a major role as a buy zone.
The hourly RSI for LTC/USD is around the 68 level and is showing not major signs of trend exhaustion above $90.00, which is a bullish signal in the short term.
Trade safe traders and do not overtrade!
