Litecoin Shows Signs of Positive Momentum
Litecoin is currently displaying optimistic signals from the $95 support level against the US Dollar. The price has surged above $105 and is trading above the 100 simple moving average (4 hours). Additionally, a crucial bullish trend line is forming with support at $101.50 on the 4-hour chart of the LTC/USD pair sourced from Kraken. Unless the price breaches the $100 support, it is likely to continue its upward trajectory towards the $120 mark.
LTC Price Gains Momentum
In recent days, Litecoin has demonstrated significant momentum, surpassing both Bitcoin and Ethereum. The LTC price established a solid base above $80 and commenced a notable uptrend. Breaking through the $88 and $95 resistance levels, the bulls even managed to push the price beyond $100. Moreover, the price surged past the 76.4% Fib retracement level from the recent downward movement, reaching a multi-week high at $112.49 and is currently consolidating these gains.
- The price is now trading above $105 and the 100 simple moving average (4 hours).
- A key bullish trend line is forming with support at $101.50 on the 4-hour chart of the LTC/USD pair.
Exploring Dips Support for LTC
If the Litecoin price faces difficulty surpassing the $105 resistance level, there is a possibility of a downside correction. The primary support on the downside lies near the $105 mark, followed by a major support level forming at $100. A breach below $100 could expose the price to the risk of descending towards the $95 support level, with any further decline potentially leading to the $88 support zone.
Technical Indicators for Litecoin Price
The technical indicators for Litecoin’s price are as follows:
- 4-hour MACD – The MACD is exhibiting an acceleration in the bullish zone.
- 4-hour RSI (Relative Strength Index) – The RSI for LTC/USD sits above the 65 level.
- Major Support Levels – $105 followed by $100.
- Major Resistance Levels – $115 and $120.
Hot Take: Stay Tuned for Further LTC Price Movements
Keep a close eye on Litecoin’s price movements as it shows promising signs of bullish momentum. With resistance levels at $115 and $120, the price could surge further. Conversely, a failure to break past the $105 resistance may prompt a corrective dip, with support levels at $105 and $100. Stay alert for potential price fluctuations in the coming sessions!
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