LTC Rally Could Extend To $120

Litecoin worth is up over 10% and buying and selling above $105 towards the US Greenback. LTC may proceed to rise towards the $120 resistance zone within the close to time period.

• Litecoin is displaying optimistic indicators from the $95 help zone towards the US Greenback.
• The worth is now buying and selling above $105 and the 100 easy shifting common (4 hours).
• There’s a key bullish pattern line forming with help at $101.50 on the 4-hour chart of the LTC/USD pair (knowledge feed from Kraken).
• The worth may proceed to rise towards the $120 degree until it breaks the $100 help.

Litecoin Value Positive factors Bullish Momentum

Prior to now couple of days, Litecoin gained tempo and outperformed Bitcoin and Ethereum. LTC worth shaped a base above the $80 degree and began a good improve.

There was a break above the $88 and $95 resistance ranges. The bulls even pushed the worth above $100. There was a transparent transfer above the 76.4% Fib retracement degree of the downward transfer from the $105.71 swing excessive to the $77.00 low. A brand new multi-week excessive was shaped at $112.49 and the worth is now consolidating good points.

prime close to $68.40 earlier than it began a recent decline.

Litecoin is now buying and selling above $10 and the 100 easy shifting common (4 hours). There’s additionally a key bullish pattern line forming with help at $101.50 on the 4-hour chart of the LTC/USD pair.

On the upside, fast resistance is close to the $112.50 zone. It’s close to the 1.236 Fib extension degree of the downward transfer from the $105.71 swing excessive to the $77.00 low. The following main resistance is close to the $115 degree. If there’s a clear break above the $115 resistance, the worth may begin one other robust improve.

Supply: LTCUSD on TradingView.com

Within the said case, the worth is prone to proceed increased towards the $120 and $122 ranges. Any extra good points may ship LTC’s worth towards the $132 resistance zone.

Are Dips Supported in LTC?

If Litecoin worth fails to clear the $105 resistance degree, there might be a draw back correction. Preliminary help on the draw back is close to the $105 degree.

The following main help is forming close to the $100 degree, beneath which there’s a danger of a transfer towards the $95 help. Any additional losses could maybe ship the worth towards the $88 help.

Technical indicators:

4-hour MACD – The MACD is now gaining tempo within the bullish zone.

4-hour RSI (Relative Power Index) – The RSI for LTC/USD is above the 65 degree.

Main Assist Ranges – $105 adopted by $100.

Main Resistance Ranges – $115 and $120.

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