• Litecoin price is trading above the $90 and has the potential to reach $100.
• The bulls pushed the price above the $95 resistance, forming a new yearly high at $97.72.
• If Litecoin price fails to clear the $100 resistance level, there could be a downside correction towards the $85 support.
Litecoin Price Rises Above $90 Against US Dollar
Litecoin price extended its increase above the $90 zone against the US Dollar. LTC is rising and might attempt a fresh rally above the $100 resistance. Litecoin started a fresh increase above the $90 zone against the US Dollar and is now trading above it along with the 100 simple moving average (4-hours). There is also a key bullish trend line forming with support near $89.50 on the 4-hours chart of LTC/USD pair (data feed from Kraken). The price could start another rally if there is a clear move above the $100 resistance.
Bullish Trend Line Forming
This past week, litecoin formed a support base above the $85 level against USD and started increasing steadily beyond its previous highs of 2020, outperforming bitcoin and ethereum in progress. The bulls managed to push its price beyond both temporal supports of 95$ and 97$. A new yearly high was formed near 97 dollars and 72 cents while it consolidates gains around 23% Fibonacci retracement level of recent rise from 86 dollars 98 cents low to 97 dollars 72 cents high.
Possibility Of Rally Above $100
On upside, an immediate hindrance resides close to 97 dollars 75 cents level while next major barrier lies at 100$. If clear break out occurs over this threshold then another rally shall be initiated towards 108$ & 115$ levels which may take ltc prices up as far as 120$ zone if further gains are made ahead in ltc market cap growth trajectory .
Dips Limited In LTC?
In case Litecoin fails to surpass 100$ then chances are that there will be bearish correction instead by dipping back down below 92 dollars 50 cents mark where initial support will reside followed by 90$ or 76% Fibonacci retracement level of recent surge from 86 dollars 98 cents low to 97 dollars 72 cents peak or trend line itself . Further losses can drag it even lower than 85$.
4-hours MACD – The MACD is slowly losing its pace inside bullish region while 4-hours RSI (Relative Strength Index) – stands firmly over 50 level indicating further upward pressure likely in coming days but no guarantee can be given in volatile crypto markets :).