• Litecoin (LTC) started a steady increase above $92 against the US Dollar.
• There was a break above a bearish trend line with resistance at $94 on the 4-hours chart of the LTC/USD pair.
• The price could gain bullish momentum if it clears the $98 and $100 resistance levels.
Litecoin Price Analysis
Litecoin has been trading in a range against the US Dollar since its recent high near $106. It recently broke out of this range and started a fresh increase above $92. On the 4-hours chart of the LTC/USD pair, there was a break above a key bearish trend line with resistance at $94. The price even climbed above the $95 level and is currently trading above both $94 and 55 simple moving average (4-hours).
On the upside, litecoin is facing resistance near the $98 level which is near 50% Fib retracement level of its downward move from swing high to low. If it gains enough bullish momentum, it could climb further towards its next major resistance at around $100 which is also near 61.8% Fib retracement level from swing high to low. Any more gains might push it towards its next major resistance at around $105 level.
On the downside, initial support for litecoin lies near the $94 level followed by support at around its recent low of around$90 level. If there’s a downside break below this support, then litecoin could accelerate lower towards its next major support near around $85 level in coming sessions.
The MACD for LTC/USD is now gaining pace in bullish zone while RSI has crossed past 50 mark indicating bullish momentum in coming sessions as long as litecoin holds above 94 & 90 levels respectively on 4 hours chart time frame.
Overall, litecoin price could gain bullish momentum if it clears both resistances at 98 & 100 levels respectively on 4 hours chart time frame