Litecoin Price Analysis: Can LTC Break $100 Resistance?
Litecoin (LTC) Price Analysis
• Litecoin started a steady increase above $85 against the US Dollar.
• The price is now trading above $88 and the 55 simple moving average (4-hours).
• There is a key bearish trend line forming with resistance at $92 on the 4-hours chart of the LTC/USD pair.
Positive Signs Above $85
In the past few sessions, there were mostly positive moves in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Litecoin formed a base above the $85 level and started a fresh increase. There was a clear move above the $88 and $90 resistance levels. The price even cleared the 50% Fib retracement level of the previous downward move from the swing high to low.
Key Resistance Levels
The price is now facing resistance near the $92 level. Additionally, there is also a key bearish trend line forming with resistance at this level on the 4-hours chart of LTC/USD pair. If there is a clear move above this line, it could push Litecoin price towards higher levels such as $95 and maybe even up to $100 in no time. On the downside, initial support lies around around$88 followed by major support at$85 if there is any further downside break below this point.
The MACD for LTC/USD is currently gaining pace in bullish territory while RSI has crossed above 50 mark indicating that bulls are taking control over bears in near term market movement for Litecoin (LTC) .
Overall, Litecoin price could gain bullish momentum if it clears current resistances of$92 and$95 respectively which may send prices towards next major target at$100 or even higher than that in coming days ahead .