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Litecoin price analysis: LTC/USD pair to break above the $120 resistance

Litecoin price analysis

TL;DR Breakdown

  • Litecoin price analysis is bearish today.
  • Major resistance at $120 tested overnight.
  • LTC/USD spiked to $124 over the last hours.

Litecoin price analysis is bearish today as the market tests major resistance at $120. The spike to $124 over the last hours was short-lived, and LTC/USD has since retraced back to $118. support is found at $116. The bulls remain in control of the market, with further upside potential likely. Resistance is found at $120 and $124. Support lies at $116 and $112.

Looking at the 4-hour chart, we can see that Litecoin price made a bullish breakout from a descending triangle pattern yesterday. However, the breakout was short

Litecoin price movement in the last 24 hours: Litecoin continues to rally, breaks $120

Litecoin (LTC) price is bullish today as the market tests major resistance at $120. The spike to $124 over the last hours was short-lived, and LTC/USD has since retraced back to $118. support is found at $116.

The bulls remain in control of the market, with further upside potential likely. Resistance is found at $120 and $124. Support lies at $116 and $112.

Looking at the 4-hour chart, we can see that Litecoin price made a bullish breakout from a descending triangle pattern yesterday. However, the breakout was short-lived and Litecoin price has since retreated back inside the triangle pattern. A break above the resistance at $120 could see a continuation of the rally to $124.

Litecoin’s (LTC) price is bullish today as the market tests major resistance at $120. The spike to $124 over the last hours was short-lived, and LTC/USD has since retraced back to $118. support is found at $116.

The bulls remain in control of the market, with further upside potential likely. Resistance is found at $120 and $124. Support lies at $116 and $112.

LTC/USD 4-hour chart: LTC finds resistance at $124

Looking at the 4-hour chart, we can see that Litecoin price made a bullish breakout from a descending triangle pattern yesterday. However, the breakout was short-lived and Litecoin price has since retreated back inside the triangle pattern. A break above the resistance at $120 could see a continuation of the rally to $124. Otherwise, if Litecoin price fails to break out of the triangle pattern, we could see a move back down to support at $116.

Litecoin price analysis: LTC spikes above $120, strong bullish signal set?LTC/USD 4-hour chart. Source: TradingView

The MACD indicator is showing signs of bullish momentum, with the MACD line crossing above the signal line. The RSI indicator is also indicating strong bullish momentum, with the RSI currently at overbought levels. This could suggest that the rally has gone too far too fast and a pullback may be imminent.

Litecoin price movement in the last 24 hours: Litecoin rallies to $124, tests major resistance at $120. The bulls remain in control of the market, with further upside potential likely. Resistance is found at $120 and $124. Support lies at $116 and $112.

Litecoin price analysis: Conclusion 

Litecoin price analysis is bearish today as the market has spiked around 7 percent higher to the $124 since the last resistance. Therefore, a minor correction should be a healthy sign before more upside is tested later in the week. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

William Suberg

William Suberg

William Suberg is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. William is a lover of sports.

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