Litecoin (LTC) Price Analysis: Rally Could Extend Above $120
Litecoin price surged higher and
broke the $100.00 and $110.00 resistance levels against the US dollar. LTC is currently
in a strong uptrend and it could continue to rise above $120.00.
Key Talking Points
Litecoin price gained a strong bullish momentum
above the $100.00 barrier (Data feed of Kraken) against the US Dollar.
There was a break above a major bearish trend
line with resistance at $88.00 on the 4-hours chart.
LTC price rallied towards the $115.00 level and
remains well supported above $108.00 and $102.00.
Litecoin Price Analysis (LTC)
Recently, there was a nasty upward move in bitcoin, Ethereum, EOS, litecoin and ripple against the US Dollar. The LTC/USD pair formed a decent support base above $85.00 and recently surged above the $95.00 and $100.00 resistance levels.
Looking at the chart, LTC price even broke the $105.00 resistance level and settled well above the 100 simple moving average (4-hours). During the upward move, there was a break above a major bearish trend line with resistance at $88.00.
Recently, the pair broke a bullish continuation pattern at
$104.00 and rallied above the $110.00 level. A new monthly high was formed at
$115.90 and the price is currently consolidating gains.
An initial support is near the $112.00 level, and the 23.6% Fib
retracement level of the recent rally from the $99.79 low to $115.90 high.
However, the main support on the downside is near the $108.00 and $107.80
Moreover, the 50% Fib retracement level of the recent rally from
the $99.79 low to $115.90 high is also near the $107.80 level to act as a
support. Below $107.80, the pair is likely to find a solid buying interest near
the $102.00 or $100.00 level.
The overall price action is very bullish, pointing more
upsides in litecoin price above the $115.00 level. A clear break above the
$115.00 might open the doors for a push above the $120.00 level. The next
resistance could be $128.00, where LTC sellers might take a stand. On the
downside, the bulls are likely to remain active near $108.00 and $104.00.