Litecoin Price Analysis: Here is Why LTC/USD Can Test $110
Litecoin price remains elevated above the $100 level against the US Dollar. LTC/USD might soon gain traction and test the $110 level.
Key Talking Points
Litecoin price is in a major uptrend from the $70.00 swing low against the US Dollar.
There is a connecting trend line forming with resistance near $104.00 on the 4-hours chart of LTC/USD.
The pair might soon gain momentum, break the $104.00 level and test the $110.00 level.
Litecoin Price Forecast
During the past few days, we saw a major upside move in Litecoin price from the $70.00 swing low against the US Dollar. The LTC/USD pair was able to break the 76.4% fib retracement level of the last decline from the $102.10 high to $69.88 low.
At the moment, the price is above the last swing high of $102.10, which means there are chances of more gains in the near term. The next major target could be around the 1.236 Fib extension of the last decline from the $102.10 high to $69.88 low around $110.00.
It seems like there is a connecting trend line forming with resistance near $104.00 on the 4-hours chart of LTC/USD. The trend line is preventing an upside break above $104.00. Should there be a break and close above $104.00, there can be more upsides toward $110.00, which is the next fib extension.
On the downside, the current range support is around $97.20. Below the $97.20 support, the price might move down further and test the $92.00 support zone in the near term.
There is also a major bullish trend line on the same chart with support around $89.00. The mentioned $89.00 level is close to the 100 simple moving average (4-hours).
Therefore, there are many support levels on the downside up to $89.00-88.00. The overall price action is positive, and buyers need to clear the $104.00 level for a push towards the $110.00 level. Above $110.00, gains could be limited considering the current technical indicators.