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.
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.