Bullish Break To $120 Still In Sight

Litecoin value prolonged its enhance above the $90 zone towards the US Greenback. LTC is rising and would possibly try a contemporary rally above the $100 resistance.

• Litecoin began a contemporary enhance above the $90 zone towards the US Greenback.
• The worth is now buying and selling above $90 and the 100 easy shifting common (4-hours).
• There’s a key bullish development line forming with assist close to $89.50 on the 4-hours chart of the LTC/USD pair (information feed from Kraken).
• The worth might begin one other rally if there’s a clear transfer above the $100 resistance.

Litecoin Worth Outperforms Bitcoin

This previous week, litecoin value shaped a assist base above the $85 stage towards the US Greenback. LTC value began a gradual enhance above the $90 resistance zone, outperforming bitcoin and ethereum.

The bulls had been in a position to push the value above the $95 resistance. A brand new yearly excessive was shaped close to $97.72 and the value is now consolidating features. It’s buying and selling close to the 23.6% Fib retracement stage of the current enhance from the $86.98 swing low to $97.72 excessive.

Litecoin value is now buying and selling above $90 and the 100 easy shifting common (4-hours). There may be additionally a key bullish development line forming with assist close to $89.50 on the 4-hours chart of the LTC/USD pair.

Supply: LTCUSD on TradingView.com

On the upside, an instantaneous resistance is close to the $97.75 stage. The subsequent main resistance is close to the $100 stage. If there’s a clear break above the $100 resistance, the value might begin a robust enhance. Within the acknowledged case, the value is more likely to proceed increased in the direction of the $108 and $115 ranges. Any extra features would possibly ship ltc value in the direction of the $120 resistance zone.

Dips Restricted in LTC?

If Litecoin value fails to clear the $100 resistance stage, there may very well be a draw back correction. An preliminary assist on the draw back is close to the $92.50 stage.

The primary main assist is forming close to the $90 stage or the 76.4% Fib retracement stage of the current enhance from the $86.98 swing low to $97.72 excessive or the development line. Any additional losses could maybe ship the value in the direction of the $85 assist.

Technical indicators:

4-hours MACD – The MACD is slowly shedding tempo within the bullish zone.

4-hours RSI (Relative Energy Index) – The RSI for LTC/USD is above the 50 stage.

Main Help Ranges – $92.50 adopted by $90.00.

Main Resistance Ranges – $97.75 and $100.00.