Bitcoin

Litecoin (LTC) Price Analysis: Bulls Aim For Larger Increase

1 Mins read

[ad_1]

  • Litecoin started a downside correction from the $105 zone against the US Dollar.
  • LTC price is now trading above $85 and the 55 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $94.00 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could start a fresh increase if it stays above the $90 support.

Litecoin price is correcting gains from $105.00 against the US Dollar, like Bitcoin. LTC price could resume its increase if it remains well supported above the $90.00 level.

Litecoin Price Analysis

In the past few days, there was a steady decline in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC formed a base above the $85 level and started a fresh increase.

There was a clear move above the $92 and $95 resistance levels. The price even climbed above the $100 level and the 55 simple moving average (4 hours). However, the bears were active near the $105.00 zone. The recent high was formed near $105.71 and the price started a downside correction.

There was a move below the $100 level. The price traded below the 23.6% Fib retracement level of the upward move from the $83.29 swing low to the $105.71 high.

Litecoin is now trading above $85 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $100.00 level. The next major resistance sits near the $105.00 level. A clear move above the $105.00 level could pump the price toward the $125 level. Any more gains might call for a test of $140.

Immediate support is near the $94 level. The next major support is near the $92.20 zone or the 50% Fib retracement level of the upward move from the $83.29 swing low to the $105.71 high. A downside break below the $72.20 support might start a strong decline.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, Litecoin price is trading above $92 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it stays above the $90 support.

Technical indicators

4 hours MACD – The MACD for LTC/USD is now losing pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now above the 50 level.

Key Support Levels – $92.20 and $90.00

Key Resistance Levels – $100.00 and $105.00.

[ad_2]
Source link

Related posts
Bitcoin

Cardano Founder Clears FUD About Hydra, Scaling, Partners

2 Mins read
[ad_1] In a series of messages over the weekend, Charles Hoskinson, the founder of Cardano, addressed various concerns and rumors circulating about…
Bitcoin

Ethereum Price Grinds Lower, Why Pullback Is Not Over Yet

2 Mins read
[ad_1] Ethereum price started a downside correction below $3,650. ETH traded below $3,500 and is currently attempting a decent recovery wave in…
Bitcoin

Group Urges US President Joe Biden to Secure Release of ‘Kidnapped’ Former Federal Agent

1 Mins read
[ad_1] The Chamber of Digital Commerce, a blockchain and crypto advocacy group, has urged U.S. President Joe Biden to assist in securing…

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *