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Litecoin (LTC) Price Analysis: Bulls Sighting Fresh Increase Above $120

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Litecoin price found support near the $100.00 handle and bounced back sharply. LTC is currently trading with a positive bias and it is likely to accelerate above the $120.00 level.

Key Talking Points

  • Litecoin price is showing a lot of positive signs above the $110.00 support (Data feed of Kraken) against the US Dollar.
  • There is a crucial bullish trend line forming with support at $111.00 on the 4-hours chart.
  • LTC price is currently trading near the $116.00 level and it could soon break the $120.00 barrier.

Litecoin Price Analysis (LTC)

Recently, there was a sharp decline in bitcoin, Ethereum, ripple, and EOS, but Litecoin remained stable against the US Dollar. The LTC/USD pair found support near the key $100.00 level and recently bounced back above $110.00.

Litecoin Price Analysis (LTC)

Looking at the chart, LTC price gained bullish momentum above the $105.00 and $110.00 levels. There was also a close above the $110.00 level and the 100 simple moving average (4-hours).

The pair jumped towards the $120.00 resistance area and formed a swing high at $121.67. It failed to gain momentum above $121.00 and recently corrected below the $118.00 level and the 23.6% Fib retracement level of the upward wave from the $101.28 low to $121.67 high.

However, the $112.00 level acted as a strong support. Besides, the 50% Fib retracement level of the upward wave from the $101.28 low to $121.67 high also acted as a strong support.

There is also a crucial bullish trend line forming with support at $111.00 on the 4-hours chart. The 100 simple moving average (4-hours) is also near the $110.00 level to act as a support.

Therefore, the price remains well supported on the downside near the $110.00 level. On the upside, the main resistances are near the $120.00 and $122.00 levels.

If there is an upside break above the $122.00 level, Litecoin price could accelerate further higher. The next key resistance for LTC bulls is near the $125.00 level, above which the price could accelerate towards the $130.00 level in the near term.

The market data is provided by TradingView.

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