- Litecoin price surged more than 50% in the past two days and climbed above $80.00 against the US Dollar.
- LTC price tested the $100.00 resistance area and recently corrected lower below $90.00.
- There is a steep bullish trend line formed with support at $86.00 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair is likely to climb higher towards $100.00 or $110.00 as long as the $77.50 support is intact.
Litecoin price climbed higher sharply with strong bullish moves against the US Dollar and . LTC is likely to remain in an uptrend and it could even climb above the $100 barrier.
Litecoin Price Analysis
This week, there was a strong upside break above the $61.350 resistance in litecoin price against the US Dollar. The LTC/USD pair started a significant rally and gained more than 40% in the past two days. More importantly, there were solid bullish moves in bitcoin, , , EOS, , and other cryptocurrencies. It opened the doors for a sharp rally in LTC above the $70.00 and $80.00 resistance levels.
The price even climbed above the $85.00 resistance and settled well above the 55 simple moving average (4-hours). Finally, there was a break above the $92.00 resistance and the price traded close to the $100.00 barrier. A new 2019 high was formed at $99.91 and later the price corrected lower. There was a sharp dip below $85.00 and the 50% Fib retracement level of the recent ride from the $77.50 swing low to $99.91 high. There were multiple spiked below the $85.00 support.
However, the price later settled above the 76.4% Fib retracement level of the recent ride from the $77.50 swing low to $99.91 high. Besides, there is a steep bullish trend line formed with support at $86.00 on the 4-hours chart of the LTC/USD pair. Therefore, there are chances of a fresh increase above the $92.00 and $94.00 resistance levels.
Looking at the , litecoin price is placed nicely in a strong uptrend and it is likely to climb above $92.00. If buyers remain in action, the price may even revisit the $100.00 psychological level. The next major resistance is near the $110.00 level. On the downside, the trend line and $85.00 holds the key. If there is a break below $85.00, the price may revisit the $77.50 support area. Any further losses may push the price in a short term bearish zone towards $70.00.
Technical indicators
4 hours MACD – The MACD for LTC/USD is placed heavily in the bullish zone, with a positive bias.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD corrected lower and tested the 70 level.
Key Support Levels – $85.00 and $77.50.
Key Resistance Levels – $94.0 and $100.00.
Published at Thu, 04 Apr 2019 08:08:52 +0000