LTC Rally Could Extend to $120

Litecoin price is up more than 10% and is trading above $105 against the US dollar. LTC may continue to rise towards the $120 resistance zone in the near term.

• Litecoin is showing positive signs at the $95 support zone against the US dollar.
• The price is currently trading above $105 and the 100 simple moving average (4-hours).
• On the 4-hours chart of the LTC/USD pair (data feed from Kraken), there is a major bullish trendline forming around support at $101.50.
• Unless it breaks the $100 support, the price may continue to rise towards the $120 level.

Litecoin Price Rising Bullish Momentum

Over the past few days, Litecoin has picked up speed and has surpassed Bitcoin and Ethereum. LTC price established a base above the $80 level and began a significant rise.

A breakout occurred above the $88 and $95 resistance levels. The bulls even pushed the price above $100. There was a clear move above the 76.4% Fib retracement level of the downward move from the $105.71 swing high to the $77.00 low. A new multi-week high was reached at $112.49 and the price is currently on an upward trend.

It hit a high near $68.40 before starting a new downtrend.

Litecoin is currently trading above $10 and the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support at $101.50 on the 4-hours chart of the LTC/USD pair.

On the other hand, immediate resistance is located near the $112.50 area. It is near the 1.236 Fib extension level with a downward move from the $105.71 swing high to the $77.00 low. The next major resistance is near the $115 level. If there is a clear break above the $115 resistance, the price could begin a strong rise once again.

Source: TradingView.com LTCUSD

As stated, the price is likely to continue higher towards the $120 and $122 levels. Any more gains could push the price of LTC towards the $132 resistance area.

Are dips supported in LTC?

There could be a downward correction if Litecoin price fails to clear the $105 resistance level. Initial support for the downside is near the $105 level.

The next major support is forming near $100, below which there is a risk of a move towards $95 support. Any further losses could push the price towards the $88 support level.

Technical indicators:

4-Hour MACD – MACD is now pacing in bullish territory.

4-Hour RSI (Relative Strength Index) – The RSI for LTC/USD is above the 65 level.

Key Support Levels – $105 followed by $100.

Key resistance levels – $115 and $120.