Litecoin’s price stayed above $100 and started a fresh increase. LTC is outperforming Bitcoin and might aim to move above the $115 resistance.
Litecoin Price Holds Key Support
At this month’s start, Litecoin’s price saw a fresh decline below the $115 level. There was a move below the $105 and $100 support levels. LTC even dipped below the $98 support and the 50-day simple moving average (blue).
Finally, there was a spike below the $90 support, and the price tested the $80 zone. A low was formed at $80.34, and the price started a strong recovery wave. The price climbed above the $90 and $95 levels.
Litecoin price daily chart | Source: LTC/USD on TradingView.comLitecoin’s price is now back above the $100 support zone. It surpassed the 50% Fib retracement level of the downward move from the $135 swing high to the $80 low. More importantly, it outperformed Bitcoin and Ethereum in the past two days with positive moves.
The last 3-4 daily candles suggest a bullish bias. The price is now above the 50-day simple moving average (blue) but still faces a couple of key challenges.
On the upside, immediate resistance is near the $115 level and the 61.8% Fib retracement level of the downward move from the $135 swing high to the $80 low. The first major resistance is seen near the $120 level.
The main hurdle could be $125. A key bearish trend line is forming with resistance at $125 on the daily chart. A close above the trend line resistance could start a steady increase.
The next stop LTC price could be the $135 level, above which the price could attempt to clear the $140 level. A daily close above the $140 resistance zone could set the pace for a move toward the next key resistance at $150. Any more gains might call for a test of $165 or even $180 in the coming days.
Another Decline In LTC?
Conversely, Litecoin’s price might struggle to clear $115 or $120 and start another decline. Immediate support on the downside is near the $108 level and the 50-day simple moving average (blue).
The first major support is near the $98 level. A downside break and close below the $98 support might spark more losses. The next support sits at $90. If the bulls fail to protect the $90 level, there could be a major pullback. In the stated case, Litecoin could test the $80 support. The next key support could be $65.
Overall, Litecoin is stable above $100 and shows a few positive signs. It must clear the $115 resistance zone to start a fresh increase. If not, there could be a fresh drop toward the $98 support zone or even $80.
The post Litecoin (LTC) Shows Resilience Amid BTC Weakness – Is a Breakout Coming? first appeared on Coinchapter.
The post Litecoin (LTC) Shows Resilience Amid BTC Weakness – Is a Breakout Coming? appeared first on Coinchapter.
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