Litecoin (LTC) Price Analysis: Rally Could Extend Above $120

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Litecoin price surged higher and broke the $100.00 and $110.00 resistance levels against the US dollar. LTC is currently in a strong uptrend and it could continue to rise above $120.00.

Key Talking Points

  • Litecoin price gained a strong bullish momentum above the $100.00 barrier (Data feed of Kraken) against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $88.00 on the 4-hours chart.
  • LTC price rallied towards the $115.00 level and remains well supported above $108.00 and $102.00.

Litecoin Price Analysis (LTC)

Recently, there was a nasty upward move in bitcoin, Ethereum, EOS, litecoin and ripple against the US Dollar. The LTC/USD pair formed a decent support base above $85.00 and recently surged above the $95.00 and $100.00 resistance levels.

Looking at the chart, LTC price even broke the $105.00 resistance level and settled well above the 100 simple moving average (4-hours). During the upward move, there was a break above a major bearish trend line with resistance at $88.00.

Recently, the pair broke a bullish continuation pattern at $104.00 and rallied above the $110.00 level. A new monthly high was formed at $115.90 and the price is currently consolidating gains.

An initial support is near the $112.00 level, and the 23.6% Fib retracement level of the recent rally from the $99.79 low to $115.90 high. However, the main support on the downside is near the $108.00 and $107.80 levels.

Moreover, the 50% Fib retracement level of the recent rally from the $99.79 low to $115.90 high is also near the $107.80 level to act as a support. Below $107.80, the pair is likely to find a solid buying interest near the $102.00 or $100.00 level.

The overall price action is very bullish, pointing more upsides in litecoin price above the $115.00 level. A clear break above the $115.00 might open the doors for a push above the $120.00 level. The next resistance could be $128.00, where LTC sellers might take a stand. On the downside, the bulls are likely to remain active near $108.00 and $104.00.

The market data is provided by TradingView.

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