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Home»Analysis»LTC could rise 10% if it clears this resistance
Analysis

LTC could rise 10% if it clears this resistance

2023-05-23No Comments2 Mins Read
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Litecoin price is attempting an upside break above $93 against the US dollar. LTC could rally if it clears the $93 and $95 resistance levels.

  • Litecoin is slowly moving towards $95 against the US dollar.
  • The price is now trading above $90 and the 100 simple moving average (4 hours).
  • A major contraction triangle is forming with resistance near $92.50 on the 4-hour chart of the LTC/USD pair (data feed from Kraken).
  • The price could rise towards the $100 and $105 level.

Litecoin price eyes upside break

After a steady rise, Litecoin price struggled near the $95 resistance against the US dollar. LTC price started a downside correction and it traded below the USD 92 level.

The price tested the 23.6% Fib retracement level of the upward move from the $5.26 swing low to the $95.00 high. However, the bulls appear to be protecting a downside break, unlike Bitcoin and Ethereum. Litecoin is now consolidating above the USD 90 level.

It is trading above $90 and the 100 simple moving average (4 hours). A major contraction triangle is also forming with resistance near $92.50 on the 4-hour chart of the LTC/USD pair.

Litecoin Price Prediction

Source: LTCUSD at TradingView.com

On the upside, immediate resistance is near the $93 zone. The next major resistance is near the USD 95 level. If there is a clear break above the USD 95 resistance, the price could rise sharply again. In the said case, the price is likely to continue higher towards $100 and $105. More gains may push the price of LTC to the $112 resistance zone.

See also  Bitcoin miners rejoice as transaction fees rise

New decline in LTC?

If the Litecoin price fails to cross the $95 resistance level, there could be another drop. The first support on the downside is near the $91 level and the lower trendline of the triangle.

The next major support is forming near the $85 level or the 50% Fib retracement level of the upward move from the $5.26 swing low to the $95.00 high, below which there is a risk of a move in towards the $80 support. Any further losses might push the price towards the $75 support.

Technical indicators:

4-hour MACD – The MACD is now gaining pace in the bullish zone.

4-hour RSI (Relative Strength Index) – The RSI for LTC/USD is above the 50 level.

Major Support Levels – $91.00 followed by $85.00.

Major Resistance Levels – $93.00 and $95.00.

Source link

#LTC Clears Resistance Rise
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