Litecoin Price Analysis: Could Gain Bullish Momentum Above $100

• Litecoin (LTC) has started a steady increase above $92 against the US Dollar.
• LTC price is facing resistance near the $98 and $100 levels while initial support is near the $94 level.
• If there is a clear move above the $98 level, it could push the price towards the $100 or even higher.

Litecoin Price Analysis

Litecoin (LTC) has started to rise steadily above $92 against the US Dollar. The price of LTC has broken through a key bearish trend line with resistance at $94 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase). The pair could gain more bullish momentum if it clears the $98 and $100 resistance levels.

Resistance Levels

On the upside, there is strong resistance near the $98 level. This is around 50% Fib retracement level of the downward move from high to low. There is also potential for further gains if it breaches past this point as it may push towards other significant milestones including 61.8% Fib retracement at around 100 dollars and even beyond that towards 112 dollars mark.

Support Levels

If there are any downside breaks below 90 dollars support, then there could be an accelerated decline towards 85 dollars in short-term. An initial support can be found near 94 dollar while other major supports will be seen just slightly lower than that at 90 dollar mark.

Technical Indicators

The MACD for LTC/USD is now gaining pace in a bullish zone while Relative Strength Index (RSI) for LTC/USD stays above 50%.

Conclusion

In conclusion, litecoin price appears to be trading in positive territory above 94 USD and 55 simple moving average (4-hours). There could be more opportunity for bullish movement if it manages to break past 98 USD and 100 USD resistances respectively, aiming for higher targets such as 112 USD mark eventually.