Litecoin price is consolidating above $100 against the US Dollar. LTC/USD is preparing for more gains above the $104.00 level.
Key Talking Points
- Litecoin price is stable above the $100.00 level and looks poised for more gains against the US Dollar.
- Yesterday’s highlighted major bullish trend line with current support at $99.00 is intact on the hourly chart of LTC/USD.
- The pair is about to make an upside move and break the $103.00-104.00 resistance zone.
Litecoin Price Forecast
There were mostly ranging moves in Litecoin price above the $100.00 handle during the past three sessions against the US Dollar. The LTC/USD pair remains well supported on the downside near $100.00 and $99.00.
Yesterday, we discussed how there were solid gains in LTC and the price remains in an uptrend above $100.00. At the outset, it seems like there can be more gains above $104.00 in the near term since the price is consolidating above the $100.00 support.
On the downside, the price remains well supported above $100.00. More importantly, yesterday’s highlighted major bullish trend line with current support at $99.00 is intact on the hourly chart of LTC/USD.
The trend line support at $99.00 is also around the 100 hourly simple moving average. Therefore, it won’t be easy for buyers to clear it for more declines. Moreover, the 23.6% Fib retracement level of the last leg up from the $70.05 low to $104.19 high is near $96.00.
Therefore, we can say that the $96.00-100.00 zone is a major support area. As long as the price is above $96.00 and the 100 hourly simple moving average, it remains elevated for more gains above $104.00.
At present, the pair is trading near the $103.00-104.00 resistance area. Should there be a break above $104.00, the price could accelerate towards the $110.00 level.
To sum up, there are a lot of positive signs for LTC and if the price remains above $100.00 for a few more sessions, we can witness an upside break.
Trade safe traders and do not overtrade!