Early for $100? Why LTC could explode and even outperform Bitcoin

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Bullish Signals on LTC: Litecoin has started a steady climb above the $65 resistance, it is currently pumping and could continue higher towards the $100 level. The half seems to be casting its shadow.

Litecoin price has started a strong rise above the $55 and $65 levels.
Litecoin is now trading above $65 and the simple moving average is 100 (4 hours).
A key downtrend line is forming with resistance at $77.50 on the 4-hour chart of the LTC/USD pair (data feed by Kraken).
The price must break above $77.50 and $84 to rise towards the $100 resistance zone.

Litecoin: The price is better than Bitcoin

In the last few days, Litecoin has been able to complete a decent rise above the $50 mark against the US dollar. LTC price is up more than 20%, outperforming Bitcoin and Ethereum.

Notice

Finally, LTC was also able to break the $65 and $75 resistance levels. The price even crossed the $80 level and settled above the 100 simple moving average (4 hours). It traded as low as $83.35 before correcting down. It fell below the support levels of $80 and $75.

The price fell below the 23.6% Fib level of the bullish move from the $59.17 low to the $83.35 high. However, Litecoin price is now trading above $65 and the simple moving average of 100 (4 hours).

It remained above the 50% Fib level of the move up from the $59.17 low to the $83.35 high. On the downside, there is now immediate resistance at $77.50.

A key downtrend line is forming with resistance at $77.50 on the 4 hour chart of the LTC/USD pair. A clear break above the $77.50 resistance could initiate a strong rally.

In this case, expect the price to continue higher towards $85 and $90. Further gains could eventually drive Litecoin towards the $100 resistance zone. Trader “JoaoDevesa” commented on Twitter:

“$100 for the next goal. Action like this will break the slump we’ve been in since May 21st!”

#litecoin A bull flag ready to break to the upside? Next goal $100. A movement like this will remove the downturn we have been in since May 21! So pay attention⚠️ Expecting great things for $LTC price action 🚀 #LTC to the moon pic.twitter.com/lnAGpWTyj8
— Sashimi Nagasaki Ⓜ️🕸 (@JoaoDevesa) November 27, 2022

Litecoin Rally Continues?

Litecoin must show strength at this point, or further losses are to come: In particular, the resistance level at $77.50 must be breached now to avoid another pullback. Initial support on the downside is near the $71.20 level.

The first major support is coming at $68. Further losses could drive the price towards the $55 support in the coming sessions.

Technical indicators:

MACD on 4-hour chart: The MACD is slowly moving into bullish territory.
RSI (Relative Strength Index) on 4-hour chart: The RSI for LTC/USD is currently above the 50 level.
Key support levels: $71.20 followed by $68.
Key resistance levels: $77.50 and $85.

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