Litecoin (LTC) Price Analysis: Rally Could Restart Toward $100

• Litecoin is gaining pace above the $82.00 resistance against the US Dollar.
• LTC price is now trading above $82.00 and the 55 simple moving average (4 hours).
• There was a break above a key bearish trend line with resistance at $83.80 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
• The pair could gain bullish momentum if it clears the $88.00 and $91.50 resistance levels.

Litecoin price is recovering from the $77 zone against the US Dollar, like Bitcoin. LTC price could climb again if there is a clear move above $88.

Litecoin Price Analysis

In the past few sessions, there was a steady increase in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC struggled to clear the $105 resistance zone and started a fresh decline.

There was a move below the $88 and $85 support levels. Finally, the bulls protected the key support at $77. A low was formed near $76.96, and the price is now attempting a fresh increase. The price started a recovery wave above the $80.00 level.

It broke the 23.6% Fib retracement level of the downward move from the $105.71 swing high to the $76.96 low. There was a break above a key bearish trend line with resistance at $83.80 on the 4-hour chart of the LTC/USD pair.

Litecoin is now trading above $82.00 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $88.00 level. The next major resistance is near the $91.50 level or the 50% Fib retracement level of the downward move from the $105.71 swing high to the $76.96 low.

A clear move above the $91.50 level could push the price toward the $95 zone. The next major resistance sits near the $100 level. Any more gains might send the price toward the $112 level.

On the downside, initial support is near the $83.50 level. The next major support is near the $82.00 level. If there is a downside break below the $82.00 support, the price could accelerate lower toward the $77.00 level in the near term.

Litecoin (LTC) Price

Looking at the chart, Litecoin’s price is trading above $82.00 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $88.00 and $91.50 resistance levels.

Technical indicators

4 hours MACD – The MACD for LTC/USD is now gaining pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now above the 50 level.

Key Support Levels – $83.50 and $82.00.

Key Resistance Levels – $88.00 and $91.50.

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