Litecoin price is attempting an upside break above $93 against the US Dollar. LTC could rally if it clears the $93 and $95 resistance levels.
- Litecoin is slowly moving higher toward $95 against the US Dollar.
- The price is now trading above $90 and the 100 simple moving average (4 hours).
- There is a key contracting triangle forming with resistance near $92.50 on the 4-hour chart of the LTC/USD pair (data feed from Kraken).
- The price could rally toward the $100 and $105 levels.
Litecoin Price Eyes Upside Break
After a steady increase, Litecoin’s price struggled near the $95 resistance against the US Dollar. LTC price started a downside correction and traded below the $92 level.
The price tested the 23.6% Fib retracement level of the upward move from the $5.26 swing low to the $95.00 high. However, the bulls seem to be protecting a downside break, unlike Bitcoin and Ethereum. Litecoin is now consolidating above the $90 level.
It is trading above $90 and the 100 simple moving average (4 hours). There is also a key contracting triangle forming with resistance near $92.50 on the 4-hour chart of the LTC/USD pair.
Source: LTCUSD on TradingView.com
On the upside, immediate resistance is near the $93 zone. The next major resistance is near the $95 level. If there is a clear break above the $95 resistance, the price could start another strong increase. In the stated case, the price is likely to continue higher toward the $100 and $105 levels. Any more gains might send LTC’s price toward the $112 resistance zone.
Fresh Decline in LTC?
If Litecoin price fails to clear the $95 resistance level, there could be a fresh decline. Initial support on the downside is near the $91 level and the triangle lower trend line.
The next major support is forming near the $85 level or the 50% Fib retracement level of the upward move from the $5.26 swing low to the $95.00 high, below which there is a risk of a move toward the $80 support. Any further losses may perhaps send the price toward the $75 support.
Technical indicators:
4-hour MACD – The MACD is now gaining pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for LTC/USD is above the 50 level.
Major Support Levels – $91.00 followed by $85.00.
Major Resistance Levels – $93.00 and $95.00.
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