Litecoin Price Prediction: LTC eyes down $90 resistance following bullish weekend
Daily Litecoin LTC Technical Analysis
- Litecoin has broken above the downward channel and the 20-day SMA.
- 4-hour LTC is sitting on top of 200-bar SMA.
Litecoin surged over the weekend, rising from $72 to $81.50. As of now, the price is eyeing down critical resistance at $90. Keep in mind that this 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.
Litecoin bulls look to break into $100-area
The bulls took charge this weekend and broke above the 20-day SMA and the parallel channel's upper bound. Having broken past these critical resistance levels, the price has to now go past the $90-barrier and enter the $100 zone.
Image: LTC/USD daily chart
The MACD in the daily time-frame shows that the market momentum is reversing from bearish to bullish.
Short-term drop is on the cards?
Looking into the 4-hour chart, we can see that the price has failed to cross above the $82.25 resistance barrier. Looking into the chart, one can see that this line had previously acted as healthy support before, holding the price up.
Image: LTC/USD 4-hour chart
The bulls have found support on the 200-bar SA, which should give them another opportunity to break past the $82.25 obstacle and continue their upward surge.
Key price levels to watch for LTC
In the short-term, the price has to overcome the $82.25 resistance to continue its upward surge. The digital silver needs to overcome the $90 resistance to continue its charge into the $100 zone in the long-term.