Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Rally Could Extend Above $120

Litecoin Price Analysis (LTC)

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.

Litecoin Price Analysis (LTC)

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 levels.

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.

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
Sign up for our Newsletter