Litecoin price analysis: LTC/USD engages forward gears again, ready to revisit $90.00
|- Litecoin spikes 8% on the day, while selected coins and altcoins join in Bitcoin (BTC) Bull Run.
- The buyers have their eyes on $90.00, but a break above $92.00 would bring $100 in sight.
Litecoin price is battling to follow in the footsteps of Bitcoin which has broken above the critical multi-month resistance at $8,000. Selected coins and altcoins in the market are also correcting slightly higher. Bitcoin Cash, for example, is up over 10% on the day while Litecoin has jumped 8%.
LTC/USD has been trading up and down the 38.2% Fib retracement level with the previous swing high of $101.14 and a $72.92 low since July 23. Litecoin rejected the support at $84.00 again yesterday and a slide that followed tested the support at $80.50. The cryptocurrency spiked again on today, clearing the resistance at $84.00 (immediate breakout). The price is currently trading at $87.8 while testing the immediate resistance at $90.00.
Significantly, the trend is strongly bullish and technical indicators like the RSI and the stochastic are sending bullish signals in the near-term. A contracting triangle pattern is also forming on the 2-hour chart. This means that another stronger breakout is in the pipeline in the short-term.
The 61.8% Fib retracement level taken between the lows of $72.92 and the highs of $101.14 is immediately supporting the price at $87.12. LTC/USD is likely to overcome the resistance at $90.00 while the upper key supply zone is at $92.00. This level could pave the way for Litecoin to revisit $100.
LTC/USD 2-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.