Litecoin price surged higher and broke the $90.00 resistance against the US Dollar. LTC/USD is correcting lower, but it remains supported for more gains.
Key Talking Points
- Litecoin price rocketed higher and broke a key barrier near $90.00 (Data feed of Kraken) against the US Dollar.
- There is a short-term bullish trend line forming with support near $91.00 on the hourly chart of the LTC/USD pair.
- The pair remains in an uptrend and it could continue to move higher towards the $100 level.
Litecoin Price Forecast
Yesterday, after a major upward move, there was a minor correction towards $81.50 in litecoin price against the US dollar. The LTC/USD pair found a strong buying interest near $82.00 and recovered sharply.
Looking at the chart, the price started a sharp upward move and broke many resistances above the $84.00 level. It even succeeded in clearing the $90.00 barrier and the $92.00 resistance.
It traded as high as $94.58 and is currently trading well above the 100 hourly simple moving average. At the moment, the price is correcting lower below the 23.6% Fib retracement level of the last wave from the $81.38 low to $94.56 high.
On the downside, there is a short-term bullish trend line forming with support near $91.00 on the hourly chart of the LTC/USD pair. Below the trend line support, the price may perhaps test the $90.00 support.
Further below $90.00, the next support is near the 50% Fib retracement level of the last wave from the $81.38 low to $94.56 high at $87.97. However, the most important support is now at $85.00, which was a resistance earlier.
On the upside, the price is facing a tough challenge near the $94.00-95.00 zone. Above this, there are high chances of an upward acceleration towards the $100.00 handle.
To sum up, litecoin price is trading nicely in a bullish zone and dips from the current levels are likely to find supports near $90.00 and $88.00 levels in the near term.
The market data is provided by TradingView.
