LTC Rally Could Extend To $120

Litecoin value is up over 10% and buying and selling above $105 towards the US Greenback. LTC might 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 might proceed to rise towards the $120 stage until it breaks the $100 help.

Litecoin Worth Positive factors Bullish Momentum

Prior to now couple of days, Litecoin gained tempo and outperformed Bitcoin and Ethereum. LTC value shaped a base above the $80 stage and began an honest enhance.

There was a break above the $88 and $95 resistance ranges. The bulls even pushed the value above $100. There was a transparent transfer above the 76.4% Fib retracement stage 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 value is now consolidating beneficial properties.

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, instant resistance is close to the $112.50 zone. It’s close to the 1.236 Fib extension stage of the downward transfer from the $105.71 swing excessive to the $77.00 low. The subsequent main resistance is close to the $115 stage. If there’s a clear break above the $115 resistance, the value might begin one other sturdy enhance.

Supply: LTCUSD on TradingView.com

Within the acknowledged case, the value is more likely to proceed larger towards the $120 and $122 ranges. Any extra beneficial properties would possibly ship LTC’s value towards the $132 resistance zone.

Are Dips Supported in LTC?

If Litecoin value fails to clear the $105 resistance stage, there may very well be a draw back correction. Preliminary help on the draw back is close to the $105 stage.

The subsequent main help is forming close to the $100 stage, under which there’s a danger of a transfer towards the $95 help. Any additional losses could maybe ship the value towards the $88 help.

Technical indicators:

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

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

Main Help Ranges – $105 adopted by $100.

Main Resistance Ranges – $115 and $120.

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