LTCs 10% Surge Possible with Resistance Clearance: Litecoin Price Forecast

LTCs 10% Surge Possible with Resistance Clearance: Litecoin Price Forecast


Litecoin price is consolidating above $90 and eyes an upside break towards $100 and $105 levels, forming a key contracting triangle with resistance near $92.50.

  • Litecoin is slowly moving higher toward $95 against the United States Dollar.
  • The price is now trading over $90 and the 100 simple moving average (4 hours).
  • There is a key contracting triangle forming with resistance near $92.50 on the 4-hour chart of the LTC/USD pair (data feed from Kraken).
  • The price could rally toward the $100 and $105 levels.

Litecoin Price Eyes Upside Break

After a steady increase, Litecoin’s price struggled near the $95 resistance against the United States Dollar. LTC price started a downside correction and traded below the $92 level.

The price tested the 23.6 percent Fib retracement level of the upward move from the $5.26 swing low to the $95.00 high. Nonetheless, the bulls appear to be protecting a downside break, unlike Bitcoin (BTC) and Ethereum (ETH). Litecoin is now consolidating over the $90 level.

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It is trading over $90 and the 100 simple moving average (4 hours). There is likewise a key contracting triangle forming with resistance near $92.50 on the 4-hour chart of the LTC/USD pair.

Source: LTCUSD on TradingView.com

On the upside, immediate resistance is near the $93 zone. The following major resistance is near the $95 level. If there is a clear break over the $95 resistance, the price could start another strong increase. In the stated case, the price is very likely continue higher toward the $100 and $105 levels. Any more profits can potentially send LTC’s price toward the $112 resistance zone.

Fresh Decline in LTC?

If Litecoin price fails to clear the $95 resistance level, there may be a fresh decline. Initial support on the downside is near the $91 level and the triangle lower tendency line.

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The following major support is forming near the $85 level or the 50 percent Fib retracement level of the upward move from the $5.26 swing low to the $95.00 high, below which there is a danger of a move toward the $80 support. Any further losses may perhaps send the price toward the $75 support.

Technical indicators:

4-hour MACD – The MACD is now gaining pace in the positive  tendency zone.

4-hour RSI (Relative Strength Index) – The RSI for LTC/USD is over the 50 level.

Major Support Levels – $91.00 followed by $85.00.

Major Resistance Levels – $93.00 and $95.00.

Source

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