• Litecoin (LTC) price started a steady increase above $92 against the US Dollar.
• There was a break above a key bearish trend line with resistance at $94 on the 4-hours chart of the LTC/USD pair.
• The pair could gain bullish momentum if it clears the $98 and $100 resistance levels.
Litecoin Price Analysis
Litecoin price has started a steady increase above $92 against the US Dollar. On the 4-hours chart of the LTC/USD pair, there was a break above a key bearish trend line with resistance at $94. This suggests that the pair could gain bullish momentum if it clears the $98 and $100 resistance levels.
Key Resistance Levels
On the upside, Litecoin is facing resistance near the $98 level which is close to the 50% Fib retracement level of its downward move from its swing high at $106 to its low at $90. The next major resistance sits near the $105 level. If there are any more gains, it may push Litecoin’s price towards to its peak of around$112 levels.
Key Support Levels
On the downside, an initial support for Litecoin is near its current value of around$94 and then again aroundthe 55 simple moving average (4-hours). The next major support for Litecoin sits nearthe$90 level and if there is a downside break below this level then it may cause accelerated losses towardsthe$85 mark in no time.
The MACD for LTC/USD is now gaining pace in bullish zone while Relative Strength Index (RSI) is currentlyabovethe 50level indicating positive sentiment in market sentiment towards Litecoin’s future growth prospects.
Overall, if Litecoin manages to clear out both its immediate resistances at$98 and thenat$100levels, then we may see some further gains going forward but if it fails to do so then we might see some corrective pullbacks in coming sessions ahead as well as sideways trading action before any meaningful upswing occurs again in prices of litecoins against US Dollars