Litecoin (LTC) Price Breaks Above $90 Against the US Dollar

The Litecoin price is showing positive signs above the $92 zone against the US Dollar. If it manages to cross the $98 resistance zone, LTC could gain bullish momentum.

Litecoin's recent price rally broke through the $95 zone against the US Dollar and is currently trading above $95 as well as a modest moving average of 100 (4 hours). On the 4-hour chart of the LTC/USD pair (data from Kraken), there was a breakout above the main bearish trend line with resistance near $94. Further gains are possible if there is a clear move above the $98 resistance.

Litecoin Price Rises Rapidly, Surpassing Bitcoin

Last week, the Litecoin price formed a support base above the $90 level against the US Dollar and is now starting to rise steadily above the $92 resistance zone, in line with the rise in the price of bitcoin and ethereum. There was a breakout above the main bearish trendline with resistance near $94 on the 4-hour chart of the LTC/USD pair and the LTC price cleared the 23.6% Fib retracement level of the downward move from the $105 swing top to the $90 low. Now, the Litecoin price is trading above $95 as well as a modest moving average of 100 (4 hours). The immediate resistance lies near the $98 zone and the 50% Fib retracement level of the move down from the $105 swing top to the $90 low. The next major resistance lies near the $100 level. A clear break above the $100 resistance might send the price to the $105 and $108 resistance zones, even towards $112.

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Litecoin Price Drop Support?

However, if the Litecoin price fails to break above the $100 resistance level, a downward correction is possible. The initial support is located on the lower side of the $95.00 zone. The first major support is forming near the $92.00 level, below which there is a risk of a move towards the $90.00 support. Further losses will probably send the price to the $85.00 support.

Technical Indicators:

The 4-hour MACD (Moving Average Convergence Divergence) indicates momentum in the bullish zone. The 4-hour RSI (Relative Strength Index) for LTC/USD is above the 50 level. Major Support Level - $95.00 followed by $92.00. Major Resistance Levels - $98.00 and $100.00.

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Warning!

This analysis is based on fundamental and technical views from reliable sources, and is not a suggestion or invitation. Always remember that this content aims to enrich the reader's information. Always use independent research first on other forex information to use as a reference in your trading. Get the latest news and articles from other GIC Indonesia, you can check on Google News every day to find out the latest updates about the world of forex to crypto. Also trade on GICTrade using an ECN account to enjoy trading with low spreads starting from zero!