Litecoin price started a strong rally above $90.00 and $100.00 against the US Dollar. LTC is consolidating gains and it could rally further above $110.00.
- Litecoin started a strong surge above the $90.00 and $100.00 resistance levels against the US Dollar.
- The price tested the $110.00 resistance zone and it settled above the 100 simple moving average (4-hours).
- There was a break above a crucial declining channel with resistance at $80.00 on the 4-hours chart of the LTC/USD pair (data feed from Kraken).
- The price traded as high as $112.76 before it started consolidating gains.
Litecoin Price Rallies 20%
In the past 2-3 days, there was a strong increase in bitcoin, Ethereum, ripple and litecoin against the US Dollar. LTC price formed a major support base near the $72.00 level before starting a fresh increase.
To start the recent rally, there was a break above a crucial declining channel with resistance at $80.00 on the 4-hours chart of the LTC/USD pair. The pair broke the $90.00 and $100.00 resistance levels. There was also a close above the $100.00 level and the 100 simple moving average (4-hours).
It even spiked above the $110.00 level and a new monthly high was formed near $112.76. The price is currently consolidating gains above the $100.00 level.
Source: LTCUSD on TradingView.com
There was a minor dip below the $105.00 level. The price even traded below the 23.6% Fib retracement level of the upward move from the $78.88 swing low to $112.76 high. However, the price is finding a strong support near the $100.00 level.
The next major support is near the $95.00 zone. It is close to the 50% Fib retracement level of the upward move from the $78.88 swing low to $112.76 high. On the upside, the $110.00 level is a key hurdle. A close above the $110.00 level may possibly set the pace for a move towards the $125.00 and $130.00 levels.
Dips Supported in LTC?
There could be limited downsides in litecoin below the $100.00 level. The first major support is forming near the $95.00 level.
Any further losses may perhaps send the price towards the $90.00 support in the coming sessions. The next major support is near the $92.00 zone.
Technical indicators:
4-hours MACD – The MACD is slowly losing momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently correcting lower from the oversold zone.
Major Support Levels – $100.00 followed by $95.00.
Major Resistance Levels – $110.00 and $125.00.
The post Charted: Litecoin Settles Above $100, Why LTC Could Rally Further Above $110 appeared first on Crypto Scoop News.
The post Charted: Litecoin Settles Above $100, Why LTC Could Rally Further Above $110 appeared first on GQ Central.
One response
This analysis on Litecoin’s recent price movements offers an intriguing glimpse into the metrics behind its rise, yet it glosses over several critical issues. While the discussion rightly highlights the impressive rally past the $90.00 and $100.00 marks, it fails to address the sustainability of this growth in the context of overall market volatility. The cryptocurrency landscape is notoriously unstable, making short-term surges less indicative of long-term health.