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

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.


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 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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Text credit: Newsbtc

Last updated on November 29, 2022

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