Bitcoin, Ethereum, Ripple, and Litecoin’s prices against the US Dollar have mostly moved within a narrow range over the course of the last few trading sessions. Previously, LTC established a support level above the $90 level and began a new uptrend from that point.
The $92 and $94 resistance levels were overcome, and there was a clear advance above them. On the 4-hour chart of the LTC/USD pair, there was a break above a major bearish trend line with resistance at $94 during the increase. This line had been providing resistance earlier in the increase. The price even increased to a point where it was higher than $95 and the 55-day simple moving average (4-hours).
It is currently selling at a price that is higher than $94 and the 55 simple moving average (4-hours). The price is encountering opposition close to the $98 level, which is moving closer to it. It is very close to the 50% Fib retracement level of the decline that began at the swing high of $106 and ended at the low of $90.If the price breaks decisively above the $98 level, it may continue climbing until it reaches the $100 level. It is currently trading close to the 61.8% Fib retracement level of the negative move that began at the swing high of $106 and ended at the low of $90.
The area around $105 presents the next significant barrier to buyers. If there are any more advances, the price could move closer to the $112 level. In the event that prices go lower, there is an initial support located close to the $94 level. The area close to $90 represents the next significant area of support.
In the event that the price moves in the wrong direction and breaks below the $90 support level, there is a good chance that it will quickly move closer to the $85 level. When viewed in conjunction with the chart, it is evident that the price of litecoin is currently selling above $94 and the 55 simple moving average (4-hours). If the market is able to break above the $98 and $100 resistance levels, there is a chance that bullish momentum will build.
