Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Bulls Sighting Fresh Increase Above $120

Litecoin Price Analysis (LTC)

Litecoin price found support near the $100.00 handle and bounced back sharply. LTC is currently trading with a positive bias and it is likely to accelerate above the $120.00 level.

Key Talking Points

  • Litecoin price is showing a lot of positive signs above the $110.00 support (Data feed of Kraken) against the US Dollar.
  • There is a crucial bullish trend line forming with support at $111.00 on the 4-hours chart.
  • LTC price is currently trading near the $116.00 level and it could soon break the $120.00 barrier.

Litecoin Price Analysis (LTC)

Recently, there was a sharp decline in bitcoin, Ethereum, ripple, and EOS, but Litecoin remained stable against the US Dollar. The LTC/USD pair found support near the key $100.00 level and recently bounced back above $110.00.

Litecoin Price Analysis (LTC)

Looking at the chart, LTC price gained bullish momentum above the $105.00 and $110.00 levels. There was also a close above the $110.00 level and the 100 simple moving average (4-hours).

The pair jumped towards the $120.00 resistance area and formed a swing high at $121.67. It failed to gain momentum above $121.00 and recently corrected below the $118.00 level and the 23.6% Fib retracement level of the upward wave from the $101.28 low to $121.67 high.

However, the $112.00 level acted as a strong support. Besides, the 50% Fib retracement level of the upward wave from the $101.28 low to $121.67 high also acted as a strong support.

There is also a crucial bullish trend line forming with support at $111.00 on the 4-hours chart. The 100 simple moving average (4-hours) is also near the $110.00 level to act as a support.

Therefore, the price remains well supported on the downside near the $110.00 level. On the upside, the main resistances are near the $120.00 and $122.00 levels.

If there is an upside break above the $122.00 level, Litecoin price could accelerate further higher. The next key resistance for LTC bulls is near the $125.00 level, above which the price could accelerate towards the $130.00 level in the near term.

The market data is provided by TradingView.

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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