Litecoin price gained bids recently and moved above $100.00 against the US Dollar. LTC/USD is now well supported and eyes more gains above $104.00.
Key Talking Points
Litecoin price traded above the $100.00 level and remains in an uptrend against the US Dollar.
There is a major bullish trend line forming with support near $100.00 on the hourly chart of LTC/USD.
The pair is currently consolidating around $100.00-100.50 and is preparing for the next move.
Litecoin Price Forecast
It’s been an amazing ride for Litecoin price as it managed to move above $100.00 once again against the US Dollar. The LTC/USD pair even broke the last high at $102.40 and traded to a new high at $104.19.
It seems like the pair is in a major uptrend and is currently placed well above the $100.00 level. On the downside, there is a major bullish trend line forming with support near $100.00 on the hourly chart of LTC/USD.
It seems like the pair is forming a channel or a flag pattern with support near $100.00-100.20. Below the mentioned support, the 23.6% Fib retracement level of the last upside wave from the $70.00 low to $104.19 high is at $96.20 to act as a support.
However, the most important support is around $94.00-95.00 and the 100 hourly simple moving average. Should there be a break below $100.00, the price will most likely test the $95.00 level and the 100 hourly SMA.
Any further declines should be limited by the next major support at $87.50 and the 50% Fib retracement level of the last upside wave from the $70.00 low to $104.19 high.
On the upside, the pair has to break the $104.00 resistance to gain momentum. A proper break of the $104.00 resistance could push litecoin price toward the $108.00-110.00 levels in the short term.
The overall trend is positive for LTC as long as the price is above $95.00 and the 100 hourly SMA, with targets as $104.00 and $106.00.