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LTC Rally Could Extend To $120

April 1, 2024
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Litecoin value is up over 10% and buying and selling above $105 towards the US Greenback. LTC might proceed to rise towards the $120 resistance zone within the close to time period.

Litecoin is exhibiting constructive indicators from the $95 assist zone towards the US Greenback.
The worth is now buying and selling above $105 and the 100 easy transferring common (4 hours).
There’s a key bullish development line forming with assist at $101.50 on the 4-hour chart of the LTC/USD pair (knowledge feed from Kraken).
The worth might proceed to rise towards the $120 degree except it breaks the $100 assist.

Litecoin Worth Positive aspects Bullish Momentum

Prior to now couple of days, Litecoin gained tempo and outperformed Bitcoin and Ethereum. LTC value shaped a base above the $80 degree and began an honest enhance.

There was a break above the $88 and $95 resistance ranges. The bulls even pushed the worth above $100. There was a transparent transfer above the 76.4% Fib retracement degree of the downward transfer from the $105.71 swing excessive to the $77.00 low. A brand new multi-week excessive was shaped at $112.49 and the worth is now consolidating features.

prime close to $68.40 earlier than it began a recent decline.

Litecoin is now buying and selling above $10 and the 100 easy transferring common (4 hours). There’s additionally a key bullish development line forming with assist at $101.50 on the 4-hour chart of the LTC/USD pair.

On the upside, fast resistance is close to the $112.50 zone. It’s close to the 1.236 Fib extension degree of the downward transfer from the $105.71 swing excessive to the $77.00 low. The subsequent main resistance is close to the $115 degree. If there’s a clear break above the $115 resistance, the worth might begin one other robust enhance.

Supply: LTCUSD on TradingView.com

Within the acknowledged case, the worth is more likely to proceed increased towards the $120 and $122 ranges. Any extra features would possibly ship LTC’s value towards the $132 resistance zone.

Are Dips Supported in LTC?

If Litecoin value fails to clear the $105 resistance degree, there might be a draw back correction. Preliminary assist on the draw back is close to the $105 degree.

The subsequent main assist is forming close to the $100 degree, under which there’s a danger of a transfer towards the $95 assist. Any additional losses might maybe ship the worth towards the $88 assist.

Technical indicators:

4-hour MACD – The MACD is now gaining tempo within the bullish zone.

4-hour RSI (Relative Power Index) – The RSI for LTC/USD is above the 65 degree.

Main Assist Ranges – $105 adopted by $100.

Main Resistance Ranges – $115 and $120.

Disclaimer: The article is supplied for instructional functions solely. It doesn’t signify the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your personal analysis earlier than making any funding selections. Use data supplied on this web site completely at your personal danger.



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