Litecoin price is consolidating gains above the $90.00 and $85.00 supports against the US Dollar. LTC seems to be preparing for the next upside break above the $100.00 and $105.00 levels.
Key Talking Points
- Litecoin price is positioned nicely in an uptrend above the $85.00 support (Data feed of Kraken) against the US Dollar.
- There is a major breakout pattern forming with resistance near the $95.00 level on the 4-hour chart.
- LTC price is likely setting for the next break, likely above the $95.00 and $100.00 resistance levels.
Litecoin Price Analysis (LTC)
In the past few days, there were bullish moves in bitcoin, Ethereum, EOS, ripple, litecoin and other altcoins against the US dollar. The LTC/USD pair surged above the $85.00 and $90.00 levels. It even tested the $100.00 resistance zone before starting a downside correction.
Looking at the 4-hour chart, LTC price corrected sharply below the $90.00 level, but the $80.00 level acted as a strong support and the price stayed well above the 100 simple moving average (4-hour).
A swing low was formed at $80.88 and later the price climbed above the $84.00 and $88.00 levels. It even spiked above the $95.00 level and traded as high as $97.63. Recently, it corrected lower below the $94.00 level and the 23.6% Fib retracement level of the last upside from the $80.88 low to $97.63 high.
However, the $90.00 support and the 50% Fib retracement level of the last upside from the $80.88 low to $97.63 high is acting as a strong support.
More importantly, there is a major breakout pattern forming with resistance near the $95.00 level on the 4-hour chart. If there is a clear break above the $95.00 resistance, the price is likely to retest the $100.00 resistance. The next main resistance for buyers is near the $105.00 and $108.00 levels.
Overall, litecoin price is placed nicely in an uptrend above the $80.00 and $85.00 supports. If LTC buyers gain traction above $95.00, there are high chances of more upsides above the $100.00 and $105.00 levels.
The market data is provided by TradingView.
