Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Bulls Preparing For Bull-Run Above $100?

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.

Litecoin Price Analysis LTC Chart

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.

Aayush Jindal
About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets Reach Aayush via email: aayushjindal@ethereumworldnews.com
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