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Home»EXCHANGE NEWS»LTC Rally Could Extend to $120
EXCHANGE NEWS

LTC Rally Could Extend to $120

By Crypto FlexsApril 1, 20243 Mins Read
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LTC Rally Could Extend to 0
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Litecoin price is up more than 10% and is trading above $105 against the US dollar. LTC may continue to rise towards the $120 resistance zone in the near term.

  • Litecoin is showing positive signs at the $95 support zone against the US dollar.
  • The price is currently trading above $105 and the 100 simple moving average (4-hours).
  • On the 4-hours chart of the LTC/USD pair (data feed from Kraken), there is a major bullish trendline forming around support at $101.50.
  • Unless it breaks the $100 support, the price may continue to rise towards the $120 level.

Litecoin Price Rising Bullish Momentum

Over the past few days, Litecoin has picked up speed and has surpassed Bitcoin and Ethereum. LTC price formed a base above the $80 level and began a significant rise.

A breakout occurred above the $88 and $95 resistance levels. The bulls even pushed the price above $100. There was a clear move above the 76.4% Fib retracement level of the downward move from the $105.71 swing high to the $77.00 low. A new multi-week high was reached at $112.49 and the price is currently on an upward trend.

It hit a high near $68.40 before starting a new downtrend.

Litecoin is currently trading above $10 and the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support at $101.50 on the 4-hours chart of the LTC/USD pair.

On the other hand, immediate resistance is located near the $112.50 area. It is near the 1.236 Fib extension level with a downward move from the $105.71 swing high to the $77.00 low. The next major resistance is near the $115 level. If there is a clear break above the $115 resistance, the price could begin a strong rise once again.

Source: TradingView.com LTCUSD

As stated, the price is likely to continue higher towards the $120 and $122 levels. Any more gains could push the price of LTC towards the $132 resistance area.

Are dips supported in LTC?

There could be a downward correction if Litecoin price fails to clear the $105 resistance level. Initial support for the downside is near the $105 level.

The next major support is forming near $100, below which there is a risk of a move towards $95 support. Any further losses could push the price towards the $88 support level.

Technical indicators:

4-Hour MACD – MACD is now pacing in bullish territory.

4-Hour RSI (Relative Strength Index) – The RSI for LTC/USD is above the 65 level.

Key Support Levels – $105 followed by $100.

Key resistance levels – $115 and $120.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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