Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Primed for More Gains Above $100

Litecoin price corrected lower recently and tested the $84.00 support against the US dollar. LTC is currently moving higher and it could surpass $100.00 in the near term.

Key Talking Points

  • Litecoin price found a strong support near the $84.00 level and bounced back (Data feed of Kraken) against the US Dollar.
  • There is a key bullish trend line forming with support at $88.80 on the 4-hour chart.
  • LTC price remains well supported on the downside and it could soon break $98.00 and $100.00.

Litecoin Price Analysis (LTC)

This past week, there was a major downside correction in bitcoin, Ethereum, EOS, ripple and litecoin against the US dollar. The LTC/USD pair declined heavily below $100.00 and $90.00 before the bulls took a stand near the $84.00 support area.

Litecoin Price Analysis LTC Chart

Looking at the 4-hour chart, LTC price traded as low as $83.99, but stayed well above the 100 simple moving average (4-hour). Recently, the price started a fresh increase above the $88.00 resistance and the 23.6% Fib retracement level of the last drop from the $107.57 high to $83.99 low.

The upward move was such that the price even broke the $92.00 and $94.00 resistance levels. It tested the next key resistance area near the $97.00 and $97.20 levels.

Besides, it tagged the 50% Fib retracement level of the last drop from the $107.57 high to $83.99 low. It is currently consolidating above the $89.00 and $88.00 support levels. There is also a key bullish trend line forming with support at $88.80 on the 4-hour chart.

If there is a downside break below the trend line, the pair could revisit the $84.00 support area. On the upside, an initial resistance is near the $97.20 level, above which the price could rally above $98.00 and $100.00.

The overall price action is positive, suggesting more gains in litecoin price above the $100.00 level. LTC could continue to climb and it might revisit the $105.00 and $107.00 levels. Only a daily close below the $84.00 support level may negate the current bullish view and push the price further lower.

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: [email protected]
Sign up for our Newsletter