Blog

Litecoin value is up over 10% and buying and selling above $105 towards the US Dollar. LTC might proceed to rise towards the $120 resistance zone within the close to time period.

• Litecoin is displaying optimistic indicators from the $95 assist zone towards the US Dollar.
• The value is now buying and selling above $105 and the 100 easy shifting common (4 hours).
• There is a key bullish development line forming with assist at $101.50 on the 4-hour chart of the LTC/USD pair (knowledge feed from Kraken).
• The value might proceed to rise towards the $120 stage except it breaks the $100 assist.

Litecoin Price Gains Bullish Momentum

In the previous couple of days, Litecoin gained tempo and outperformed Bitcoin and Ethereum. LTC value shaped a base above the $80 stage and began an honest enhance.

There was a break above the $88 and $95 resistance ranges. The bulls even pushed the value above $100. There was a transparent transfer above the 76.4% Fib retracement stage of the downward transfer from the $105.71 swing excessive to the $77.00 low. A brand new multi-week excessive was shaped at $112.49 and the value is now consolidating good points.

high close to $68.40 earlier than it began a recent decline.

Litecoin is now buying and selling above $10 and the 100 easy shifting common (4 hours). There can also be a key bullish development line forming with assist at $101.50 on the 4-hour chart of the LTC/USD pair.

On the upside, rapid resistance is close to the $112.50 zone. It is close to the 1.236 Fib extension stage of the downward transfer from the $105.71 swing excessive to the $77.00 low. The subsequent main resistance is close to the $115 stage. If there’s a clear break above the $115 resistance, the value might begin one other robust enhance.

Source: LTCUSD on TradingView.com

In the said case, the value is more likely to proceed greater towards the $120 and $122 ranges. Any extra good points may ship LTC’s value towards the $132 resistance zone.

Are Dips Supported in LTC?

If Litecoin value fails to clear the $105 resistance stage, there may very well be a draw back correction. Initial assist on the draw back is close to the $105 stage.

The subsequent main assist is forming close to the $100 stage, beneath which there’s a threat of a transfer towards the $95 assist. Any additional losses could maybe ship the value towards the $88 assist.

Technical indicators:

4-hour MACD – The MACD is now gaining tempo within the bullish zone.

4-hour RSI (Relative Strength Index) – The RSI for LTC/USD is above the 65 stage.

Major Support Levels – $105 adopted by $100.

Major Resistance Levels – $115 and $120.

Disclaimer: The article is supplied for instructional functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You are suggested to conduct your personal analysis earlier than making any funding choices. Use info supplied on this web site solely at your personal threat.