Bitcoin, Ethereum, Ripple, and Litecoin all experienced largely favorable price movement versus the US Dollar during the course of the last few trading sessions. Earlier, the price of LTC established a support level above the $75 level and began a new uptrend.
The $78 and $80 resistance levels were overcome, and there was a clear advance over them. On the 4-hour chart of the LTC/USD pair, there was a break above a key negative trend line with resistance at $85 throughout the increase. The line had been in place for some time. The price even increased to a point where it was higher than $86 and the 55-day simple moving average (4-hours).
A decisive breakout occurred above the 76.4% Fib retracement level of the negative trend that began at the swing high of $88.06 and ended at the low of $76.96. It is currently trading at a price that is higher than $86 and the 55 simple moving average (4-hours).
On the positive side, the price is bumping up against some opposition close to the $88 mark. If the price breaks decisively over the $88 mark, it may continue climbing until it reaches the $95 level. It is currently very close to the 1.618 Fib extension level of the negative move that began at the swing high of $88.06 and ended at the low of $76.96.
The area around $95 is the next significant point of resistance. If there are any more rises, the price might go closer to the $100 mark. In the event that prices go lower, an initial support can be found close to the $85 level.
The area around the $82 price point constitutes the next significant support. If the price is able to fall below the $82 support level, there is a good chance that it will continue falling below the $75 level in the near future. As can be seen from the chart, the price of litecoin is currently trading at a level that is much above $85 and the 55-day simple moving average (4-hours). If the price is able to break over the $88 and $90 resistance levels, there is a chance that positive momentum will build.
