Litecoin (LTC) Price Analysis: $100 Is The Key

Litecoin price is struggling below $110 against the US Dollar, similar to bitcoin. LTC price decline heavily if there is a close below the $100 level.

Litecoin Price Analysis

This week, there was a decent increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC traded below the $100 support level.

It traded as low as $96.25 before starting a fresh increase. There was a clear move above the $100 resistance level and the 55 simple moving average (4-hours). The price climbed above the 50% Fib retracement level of the main drop from the $116 high to $96 swing low.

Besides, there was a break above a major bearish trend line with resistance near $106 on the 4-hours chart of the LTC/USD pair. However, the price struggled to gain strength above the $110 level.

It also struggled near the 61.8% Fib retracement level of the main drop from the $116 high to $96 swing low. It is now correcting gains and trading near the broken trend line at $104. On the downside, an immediate support is near the $102 level.

The next key support is near the $100 level. If there is a downside break below the $100 support, the price could continue to move down towards the $95 level.

On the upside, an initial resistance is near the $108 level. The first major resistance is near the $110 level. To start a fresh increase, the price must clear $108 and $110. In the stated case, the price could rise towards $116. The next key resistance could be $125.

Litecoin Price

Looking at the chart, litecoin price is clearly trading below $105 and the 55 simple moving average (4-hours). Overall, the price could start a fresh decline if it fails to stay above the $100 support zone.

Technical indicators

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

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

Key Support Levels – $102 and $100

Key Resistance Levels – $108 and $110.

Source: Read Full Article