• Litecoin (LTC) is trading above $85 against the US Dollar.
• There was a break above a major bearish trend line with resistance at $85 on the 4-hours chart of the LTC/USD pair.
• The price could gain bullish momentum if it clears the $88 and $90 resistance levels.
Litecoin Price Analysis
Litecoin started a steady increase above $78 against the US Dollar. LTC price is now trading above $85 and the 55 simple moving average (4-hours). There was a break above a major bearish trend line with resistance at $85 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase). The pair could gain bullish momentum if it clears the $88 and $90 resistance levels.
In the past few sessions, there were mostly positive moves in bitcoin, ethereum, ripple, and litecoin against the US Dollar. On the upside, the price is facing resistance near the $88 level. A clear move above this level could push Litecoin’s price towards its next major resistance at around $95 level. It is near to 1.618 Fib extension level of downward move from swing high to low point of Litecoin’s price movement in recent times. The next major resistance sits near the $95 level which may push its prices further up towards to its maximum potential value i.e.,$100 mark.
On downside, an initial support for Litecoin lies near its current value i.e., around 85$. Further below that first support point, next major support lies around 82$ mark where we expect not much change in prices if breached as bulls are expected to buy more at such low prices as “buy when everyone else is selling” behaviour of traders can be seen here in order to get profits out of buying low and selling high later down when prices rise again as per market sentiment analysis & crypto news related to it .
The MACD for LTC/USD is now gaining pace in the bullish zone while RSI for same pair is now above 50 mark which suggests that there are still chances for further upsurge provided that all these resistances levels are cleared accordingly by buyers during their buying spree & market sentiment remains positive regarding same coin or other altcoins too as any negative news will affect whole crypto market instead of just one coin which shall lead us into bearish territory again so keep an eye on crypto news & sentiment while trading on cryptocurrency exchange platforms like binance or bitmex etc .
Overall, litecoin has potential but needs to break certain levels before it can reach its full potential value i..e., 100$. As long as buyers succeed in overcoming these resistances then we might see some impressive gains but if bulls fail then bears will take over again & prices will start declining once more . Hence technical analysis along with news related to ltc should be kept close watch upon before taking any trades .