Litecoin worth is up over 10% and buying and selling above $105 in opposition to the US Greenback. 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 in opposition to the US Greenback.
The value is now buying and selling above $105 and the 100 easy shifting common (4 hours).
There’s a key bullish development line forming with assist at $101.50 on the 4-hour chart of the LTC/USD pair (information feed from Kraken).
The value might proceed to rise towards the $120 stage until it breaks the $100 assist.
Litecoin Worth Positive factors Bullish Momentum
Prior to now couple of days, Litecoin gained tempo and outperformed Bitcoin and Ethereum. LTC worth fashioned 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 worth 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 fashioned at $112.49 and the worth is now consolidating positive factors.
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 may be additionally 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’s close to the 1.236 Fib extension stage of the downward transfer from the $105.71 swing excessive to the $77.00 low. The following main resistance is close to the $115 stage. If there’s a clear break above the $115 resistance, the worth might begin one other robust enhance.
Supply: LTCUSD on TradingView.com
Within the said case, the worth is prone to proceed increased towards the $120 and $122 ranges. Any extra positive factors may ship LTC’s worth towards the $132 resistance zone.
Are Dips Supported in LTC?
If Litecoin worth fails to clear the $105 resistance stage, there may very well be a draw back correction. Preliminary assist on the draw back is close to the $105 stage.
The following main assist is forming close to the $100 stage, under which there’s a danger of a transfer towards the $95 assist. Any additional losses might maybe ship the worth towards the $88 assist.
Technical indicators:
4-hour MACD – The MACD is now gaining tempo within the bullish zone.
4-hour RSI (Relative Energy Index) – The RSI for LTC/USD is above the 65 stage.
Main Help Ranges – $105 adopted by $100.
Main Resistance Ranges – $115 and $120.
Disclaimer: The article is supplied for academic 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 might be suggested to conduct your individual analysis earlier than making any funding selections. Use data supplied on this web site fully at your individual danger.
