Litecoin price remained supported above the $92-93 zone against the US Dollar. LTC/USD could slowly move higher towards the $98 and $100 resistance levels in the near term.
Key Talking Points
- Litecoin price declined recently towards the $95 support level (Data feed of Kraken) against the US Dollar.
- There is a key ascending channel forming with support at $95.50 on the hourly chart of the LTC/USD pair.
- The pair may perhaps move a few points higher and test the $100 hurdle in the near term.
Litecoin Price Forecast
There was an upside reaction recently above the $98 level in litecoin price against the US dollar. The LTC/USD pair even spiked above the $100 level and traded as high as $101.58.
Looking at the chart, the price declined below the $100 and $98 levels after struggling to hold gains above the $101 level. The price traded below the 50% Fib retracement level of the last wave from the $93.11 low to $101.58 high.
More importantly, there was a break below the $97.00 level and the 100 hourly simple moving average. However, the downside move was protected by the $95.00 level. There is also a key ascending channel forming with support at $95.50 on the hourly chart of the LTC/USD pair.
The pair also held the 76.4% Fib retracement level of the last wave from the $93.11 low to $101.58 high. Therefore, the pair has to stay above the $95.00 support level to stay in a positive zone. Below this, the price may move further lower towards the $93.00 support area.
On the upside, there is a key barrier near the $98.00 level, above which, the price may perhaps retest the $100 resistance zone. Finally, a break and close above $102 is needed for buyers to gain traction. The next hurdle above $102 sits around the $108-110 zone.
The overall price action is positive and it seems like litecoin price may perhaps move back above $98 resistance level.
The market data is provided by TradingView.
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