Litecoin price is gaining momentum above $80.00 against the US Dollar, similar to bitcoin. LTC price could even surge towards the key $100.00 barrier if it clears $88.00.
Litecoin Price Analysis
In the past few days, there were significant gains in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. LTC price remained well bid above the $65.00 pivot level and it followed a decent bullish path.
The bulls gained pace above the $70.00 and $75.00 resistance levels. Moreover, there was a proper close above the $75.00 level and the 55 simple moving average (4-hours).
During the recent rise, there was a break above a major ascending channel with resistance near $80.70 on the 4-hours chart of the LTC/USD pair. Litecoin price even climbed above the $82.00 level.
It traded to a new 2020 high at $84.51 and it currently consolidating gains. An initial support on the downside is near the $81.70 level. It coincides with the 23.6% Fib retracement level of the recent rally from the $72.55 low to $84.51 high.
Besides, the broken channel resistance near $81.50 might also provide support. Any further losses could lead the price towards the $78.50 support area.
The 50% Fib retracement level of the recent rally from the $72.55 low to $84.51 high is waiting near the $78.50 area to provide support. The main uptrend support is seen near the $76.00 level and the channel lower trend line.
If the price fails to stay above $76.00, it could start a major correction towards $65.00. On the upside, an initial resistance is seen near the $85.00 and $88.00 levels. A clear break above $88.00 might open the doors for a larger rally in the coming sessions.
Looking at the chart, litecoin price is showing a lot of positive signs above the $82.00 and $80.00 levels. Therefore, there are high chances of more gains towards $88.00 or even $100.00.
4 hours MACD – The MACD for LTC/USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now well above the 65 level.
Key Support Levels – $81.50 and $78.50.
Key Resistance Levels – $85.00 and $88.00.
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