Litecoin Price Analysis: LTC faces key resistance level in path back to $90
Daily Litecoin LTC Price Forecast
- Litecoin bulls have flipped the $82.25 line from resistance to support.
- The MACD shows sustained bullish market momentum.
Litecoin bulls have managed to string together four straight bullish days, having jumped from $72 to $84. Technicals suggest that the buyers should push the price into the $90 zone, provided they have enough juice to overcome resistance at $85. Litecoin holders should also be glad that the buyers have managed to flip a critical resistance level to support (more on this later).
Two strong resistance levels lie up front
In the past four days, the price bounced up from the support at the 50-day SMA ($72) and broke above the 20-day SMA ($80). After entering the $80-zone, the price is now facing critical resistance at $85. If the buyers manage to overcome that, they will immediately face heavy resistance at the $90 psychological level.
Image: LTC/USD daily chart
The $90 barrier has previously thwarted the digital silver twice before. Once, it forced the price to drop to $69, and the second time, LTC dropped to $79.50, charting the double top in the process.
The RSI is trending around 56.44, suggesting that the buyers have enough room to grow and challenge these levels. Flipping the $90 barrier from resistance to support will be key in sustaining LTC above $100
Key resistance flipped into support
By shortening the time frame from 1-day to 4-hour, we can see the more pressing, near-term resistance levels. One thing to note is that the price has managed to flip the $82.25 line from resistance to support. We have noted in an earlier report that this level was critical in determining future price action.
Image: LTC/USD 4-hour chart
The MACD also shows sustained bullish momentum, which should give the bulls enough confidence to aim for the $85 resistance and, eventually, the $90 resistance.
Key price levels to watch for LTC
The $85 resistance barrier is crucial for many reasons. It is a key psychological level that may trigger a sell-off or buy-in. The $82.25 line needs to be defended at all costs to prevent further downward movement.