Litecoin technical analysis: LTC/USD major barrier at $120 needs to be broken for greater gains

LItecoin price is trading with gains of over 4% in the second part of the session on Friday.
LTC/USD bulls trying to break down heavy daily supply around the $120 territory.
Anticipation heading into the Litecoin halving appears to be driving some momentum, it is happening in some 60 days.

Ken Chigbo Independent Analyst

Spot rate: 116.36

Relative change: +4.45%

High: 116.42

Low: 109.95

LTC/USD

Overview
Today last price	115.6577
Today Daily Change	4.2663
Today Daily Change %	3.83
Today daily open	111.3914

Trends
Daily SMA20	103.8384
Daily SMA50	89.0397
Daily SMA100	77.2829
Daily SMA200	55.6637

Levels
Previous Daily High	112.171
Previous Daily Low	101.0757
Previous Weekly High	122.0347
Previous Weekly Low	99.2339
Previous Monthly High	122.0347
Previous Monthly Low	72.2954
Daily Fibonacci 38.2%	107.9326
Daily Fibonacci 61.8%	105.3141
Daily Pivot Point S1	104.2544
Daily Pivot Point S2	97.1175
Daily Pivot Point S3	93.1592
Daily Pivot Point R1	115.3497
Daily Pivot Point R2	119.3079
Daily Pivot Point R3	126.4449

LTC/USD 60-minute chart

The significance of the $120 price territory can be seen clearly via the 60-minute view.

LTC/USD daily chart

Price action via the daily is resting a critical area of supply up at $120, a break could invite a stronger wave of buying pressure.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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