Litecoin is currently attempting to break above $93 against the US Dollar, with the potential to rally if it clears the $93 and $95 resistance levels. The price is slowly moving higher towards $95 and is now trading above $90 and the 100 simple moving average (4 hours). On the 4-hour chart of the LTC/USD pair (data feed from Kraken), there is a key contracting triangle forming with resistance near $92.50. If Litecoin is successful in breaking above the $95 resistance, the price could start another strong increase, likely continuing higher towards the $100 and $105 levels. However, if it fails to clear the $95 resistance level, there could be a fresh decline. Initial support on the downside is near the $91 level and the triangle lower trend line, with the next major support forming near the $85 level or the 50% Fib retracement level of the upward move from the $5.26 swing low to the $95.00 high. The 4-hour MACD is now gaining pace in the bullish zone, and the RSI for LTC/USD is above the 50 level. Any further losses may perhaps send the price toward the $75 support.
As reported by TradingView.com, Litecoin’s price struggled near the $95 resistance against the US Dollar after a steady increase. The price tested the 23.6% Fib retracement level of the upward move from the $5.26 swing low to the $95.00 high. However, the bulls seem to be protecting a downside break, unlike Bitcoin and Ethereum. Litecoin is now consolidating above the $90 level and is trading above $90 and the 100 simple moving average (4 hours).
In a bullish scenario, the price is likely to continue higher toward the $100 and $105 levels, with any more gains potentially sending LTC’s price toward the $112 resistance zone. On the other hand, if Litecoin fails to clear the $95 resistance level, there could be a fresh decline, with initial support on the downside near the $91 level and the triangle lower trend line.
Overall, Litecoin’s price is currently attempting an upside break, with the potential to rally if it clears the $93 and $95 resistance levels. However, if it fails to do so, there could be a fresh decline with initial support on the downside near the $91 level.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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