Litecoin (LTC) Price Analysis: Bulls Target Bullish Move Above $120

Litecoin price is showing positive signs above $100 against the US Dollar, similar to bitcoin. LTC price could start a decent increase above the $115 level.

Litecoin Price Analysis

This week, there was a decent recovery in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC extended decline below the $110 support zone.

The price tested the $100 support zone and started a recovery wave. There was a move above the $105 resistance zone and the 55 simple moving average (4-hours). The price surpassed the 23.6% Fib retracement level of the key decline from the $134 swing high to $100 low.

Besides, there was a break above a major bearish trend line with resistance near $112 on the 4-hours chart of the LTC/USD pair. It is now consolidating near the $112 level. On the upside, an initial resistance is near the $115 level.

The first major resistance is near the $118 level. It is near the 50% Fib retracement level of the recent decline from the $130 swing high to $110 low. The main resistance is now forming near the $120 pivot level. To start a fresh increase, the price must clear $118 and $120. In the stated case, the price could rise towards $134. The next key resistance could be $142.

On the downside, an immediate support is near the $110 level. The next key support is near the $105 level. If there is a downside break below the $105 support, the price could continue to move down towards the $100 level.

Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading above $105 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears $115 and $118 in the near term.

Technical indicators

4 hours MACD – The MACD for LTC/USD is now gaining pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now above the 50 level.

Key Support Levels – $110 and $100

Key Resistance Levels – $118 and $120.

Source: Read Full Article