Why LTC Could Hit $100 and Outperform Bitcoin

Litecoin worth began a gradual improve above the $65 resistance in opposition to the US Greenback. LTC is presently rising and would possibly rally additional in direction of the $100 stage.

• Litecoin began a robust improve above the $55 and $65 ranges in opposition to the US Greenback.
• The value is now buying and selling above $65 and the 100 easy transferring common (4-hours).
• There’s a key bearish development line forming with resistance close to $77.50 on the 4-hours chart of the LTC/USD pair (knowledge feed from Kraken).
• The value should clear the $77.50 and $84 to rise in direction of the $100 resistance zone.

Litecoin Value Outperforms Bitcoin

Previously few days, litecoin worth noticed a good improve above the $50 stage in opposition to the US Greenback. LTC worth rallied over 20% and outperformed each bitcoin and ethereum.

There was a transfer above the $65 and $75 resistance ranges. The value even surpassed $80 and settled above the 100 easy transferring common (4-hours). It traded as excessive as $83.35 earlier than there was a draw back correction. There was a transfer beneath the $80 and $75 assist ranges.

The value declined beneath the 23.6% Fib retracement stage of the upward transfer from the $59.17 swing low to $83.35 excessive. Nonetheless, litecoin worth is now buying and selling above $65 and the 100 easy transferring common (4-hours).

It stayed above the 50% Fib retracement stage of the upward transfer from the $59.17 swing low to $83.35 excessive. On the upside, a direct resistance is close to the $77.50 stage.

Supply: LTCUSD on TradingView.com

There may be additionally a key bearish development line forming with resistance close to $77.50 on the 4-hours chart of the LTC/USD pair. If there’s a clear break above the $77.50 resistance, the worth might begin a robust improve. Within the acknowledged case, the worth is prone to proceed increased in direction of the $85 and $90 ranges. Any extra beneficial properties would possibly ship ltc worth in direction of the $100 resistance zone.

Dips Restricted in LTC?

If Litecoin worth fails to clear the $77.50 resistance stage, there could possibly be one other pullback. An preliminary assist on the draw back is close to the $71.20 stage.

The primary main assist is forming close to the $68 stage. Any additional losses could maybe ship the worth in direction of the $55 assist within the coming classes.

Technical indicators:

4-hours MACD – The MACD is slowly transferring into the bullish zone.

4-hours RSI (Relative Energy Index) – The RSI for LTC/USD is presently above the 50 stage.

Main Assist Ranges – $71.20 adopted by $68.00.

Main Resistance Ranges – $77.50 and $85.00.