9.1 C
New York
Monday, March 4, 2024

Buy now

Charted: Litecoin Settles Above $100, Why LTC Could Rally Further Above $110

Litecoin price started a strong rally above $90.00 and $100.00 against the US Dollar. LTC is consolidating gains and it could rally further above $110.00.

Litecoin started a strong surge above the $90.00 and $100.00 resistance levels against the US Dollar.
The price tested the $110.00 resistance zone and it settled above the 100 simple moving average (4-hours).
There was a break above a crucial declining channel with resistance at $80.00 on the 4-hours chart of the LTC/USD pair (data feed from Kraken).
The price traded as high as $112.76 before it started consolidating gains.

Litecoin Price Rallies 20%
In the past 2-3 days, there was a strong increase in bitcoin, Ethereum, ripple and litecoin against the US Dollar. LTC price formed a major support base near the $72.00 level before starting a fresh increase.
To start the recent rally, there was a break above a crucial declining channel with resistance at $80.00 on the 4-hours chart of the LTC/USD pair. The pair broke the $90.00 and $100.00 resistance levels. There was also a close above the $100.00 level and the 100 simple moving average (4-hours).
It even spiked above the $110.00 level and a new monthly high was formed near $112.76. The price is currently consolidating gains above the $100.00 level.

Source: LTCUSD on TradingView.com
There was a minor dip below the $105.00 level. The price even traded below the 23.6% Fib retracement level of the upward move from the $78.88 swing low to $112.76 high. However, the price is finding a strong support near the $100.00 level.
The next major support is near the $95.00 zone. It is close to the 50% Fib retracement level of the upward move from the $78.88 swing low to $112.76 high. On the upside, the $110.00 level is a key hurdle. A close above the $110.00 level may possibly set the pace for a move towards the $125.00 and $130.00 levels.
Dips Supported in LTC?
There could be limited downsides in litecoin below the $100.00 level. The first major support is forming near the $95.00 level.
Any further losses may perhaps send the price towards the $90.00 support in the coming sessions. The next major support is near the $92.00 zone.
Technical indicators:
4-hours MACD – The MACD is slowly losing momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently correcting lower from the oversold zone.
Major Support Levels – $100.00 followed by $95.00.
Major Resistance Levels – $110.00 and $125.00.

Claude Freeman
Claude Freeman
I have been in the Crypto industry for over 10 years. I have seen it grow from a small niche to a global phenomenon. I have written for some of the most popular publications in the space, including CoinDesk and Bitcoin Magazine. I am currently working on my second book, which is about the history of money and how cryptocurrency is changing the way we think about it.

Latest Articles

bitcoin
Bitcoin (BTC) $ 65,550.56
ethereum
Ethereum (ETH) $ 3,511.09
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 418.68
solana
Solana (SOL) $ 131.65
xrp
XRP (XRP) $ 0.658003
staked-ether
Lido Staked Ether (STETH) $ 3,507.48
usd-coin
USDC (USDC) $ 1.00
cardano
Cardano (ADA) $ 0.784250
dogecoin
Dogecoin (DOGE) $ 0.163757
avalanche-2
Avalanche (AVAX) $ 43.54
shiba-inu
Shiba Inu (SHIB) $ 0.000027
polkadot
Polkadot (DOT) $ 10.05
tron
TRON (TRX) $ 0.141128
chainlink
Chainlink (LINK) $ 20.50
matic-network
Polygon (MATIC) $ 1.10
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 65,387.52
uniswap
Uniswap (UNI) $ 12.92
the-open-network
Toncoin (TON) $ 2.75
bitcoin-cash
Bitcoin Cash (BCH) $ 447.08
litecoin
Litecoin (LTC) $ 89.99
internet-computer
Internet Computer (ICP) $ 13.19
filecoin
Filecoin (FIL) $ 9.93
dai
Dai (DAI) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 34.10
cosmos
Cosmos Hub (ATOM) $ 12.52
near
NEAR Protocol (NEAR) $ 4.52
immutable-x
Immutable (IMX) $ 3.25
leo-token
LEO Token (LEO) $ 4.86
aptos
Aptos (APT) $ 12.04
blockstack
Stacks (STX) $ 3.02
stellar
Stellar (XLM) $ 0.147206
bittensor
Bittensor (TAO) $ 632.96
hedera-hashgraph
Hedera (HBAR) $ 0.117458
optimism
Optimism (OP) $ 3.89
crypto-com-chain
Cronos (CRO) $ 0.146675
kaspa
Kaspa (KAS) $ 0.163455
vechain
VeChain (VET) $ 0.050624
injective-protocol
Injective (INJ) $ 39.68
okb
OKB (OKB) $ 57.72
first-digital-usd
First Digital USD (FDUSD) $ 1.00
pepe
Pepe (PEPE) $ 0.000007
the-graph
The Graph (GRT) $ 0.311648
lido-dao
Lido DAO (LDO) $ 3.27
mantle
Mantle (MNT) $ 0.891245
render-token
Render (RNDR) $ 7.41
monero
Monero (XMR) $ 147.85
celestia
Celestia (TIA) $ 15.78
arbitrum
Arbitrum (ARB) $ 2.00
bonk
Bonk (BONK) $ 0.000037