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.
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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