Litecoin Price Analysis

Litecoin Price Analysis: Can LTC/USD Trade Higher?

Litecoin Price Analysis LTC USD

Litecoin price started an upside move from the $92 support against the US Dollar. LTC/USD is still below the $100 barrier and it lacks momentum for more gains.

Key Talking Points

  • Litecoin price climbed higher recently and tested the $100 resistance level (Data feed of Kraken) against the US Dollar.
  • Yesterday’s highlighted important bearish trend line was breached with resistance at $95 on the hourly chart of the LTC/USD pair.
  • The pair is currently correcting lower and is finding it hard to break the $100 barrier.

Litecoin Price Forecast

Yesterday, there was a solid support base formed around the $92 level in litecoin price against the US dollar. The LTC/USD pair started an upside move and traded above the $95 resistance level.

Looking at the chart, the price succeeded in clearing the 23.6% Fib retracement level of the last decline from the $102.96 high to $92.83 low. Later, yesterday’s highlighted important bearish trend line was breached with resistance at $95 on the hourly chart of the LTC/USD pair.

Litecoin Price Analysis LTC USD

The pair even moved above the $98 resistance level, but the upside move was prevented by the $100 barrier. The price failed to stay above the $100 level, resulting in a downside move.

Moreover, there was a failure just above the 61.8% Fib retracement level of the last decline from the $102.96 high to $92.83 low. At the moment, the price is correcting lower and is trading near the $97.50 level.

It seems like it could make another attempt to move past the $100 resistance. Should litecoin buyers gain momentum, there is a chance of more gains above $100. Above this, the next resistance is around the $104 level.

On the flip side, if the price slides from the current levels, then the $95 support and the 100 hourly simple moving average may perhaps hold declines. Below $95, the price may revisit the $92 support area.

Overall, LTC price is trading with a positive tone, but a break above $100 is needed to overcome selling pressure.

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]