Litecoin Settled Above $100 With More Chances To Rally Further

Litecoin settled above $100 with the price rallying above $90 against the US dollar. Now, the coin is consolidating the gains and it could rally even higher above $110.00 so let’s read more it in today’s Litecoin news.

Litecoin started a strong surge above the $90 resistance levels and the price even tested the $110 resistance zone while settling above the 100 simple moving average. There was a break above the crucial declining channel with the resistance at $80 on the 4-hour charts of the pair with the price hitting as high as $112 before consolidating.

In the past 2-3 days, there was a strong increase in Ethereum, Ripple, and Bitcoin as well as Litecoin against the US dollar. LTC’s price formed a new major support base near the $72 level before starting a new increase. To start the recent rally, there was a break above the crucial declining channel with the resistance at the $80 on the 4-hour charts of the pair. The pair broke the $90 resistance level and now Litecoin settled above $100 and the 100 simple moving average.

LTC spiked above $110 and a new monthly high was formed near $112 with the price consolidating the gains above the $100 level. There was a slight drop below the $105 level as the price traded below the 23.6% fib retracement level from the upward move at the swing low to the 2 high.
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The price is now looking for strong support near the $100 level. The next major support is nearing the $95 zone making it closer to the 50% fib retracement level from the upward movement at the $78 swing low to $112 high. On the upside, the $110 level is a key hurdle but closing above it could set the pace for a move to the $125 region.

There could be more downsides in LTC below the $100 level with the first major support forming near the $95 level. Further losses could send the price to the $90 support in the upcoming sessions while the next major support is near the $92. The 4-hour MACD for the pair is losing momentum in the bullish zone while the 4-hour RSI for the pair is correcting from the oversold territory. Major support levels are set at $100 and $95, major resistance levels are set at $110 and $125.