• Litecoin (LTC) is trading above $88 and the 55 simple moving average (4-hours).
• There is a key bearish trend line forming with resistance at $92 on the 4-hours chart of the LTC/USD pair.
• If there is a clear move above the $92 level, the price could climb further towards the $95 and $100 levels.
Litecoin (LTC) Price Analysis
Litecoin has started to increase steadily against the US Dollar, trading above its support level of $85. On the 4-hours chart of LTC/USD pair, there is a bearish trend line forming with resistance at $92. If Litecoin breaks this trendline and moves beyond this level, it could gain bullish momentum and reach up to the levels of $95 and even higher to $100.
Key Resistance Level Nearby
The current resistance near Litecoin’s price movement is standing at $92 mark. The 61.8% Fib retracement level of downward move from swing high ($96.11) to low ($85.66) is also near this level which makes it all more significant for traders to watch out for.
Bullish Momentum Above$ 92
If Litecoin succeeds in breaking out through this barrier then it will likely experience a surge in its price value as it will open up doors for more gains towards higher levels such as 95 and 100 respectively. Supportive indicators like MACD are also seen gaining pace in bullish zone which adds more strength to this possibility of breakout happening soon enough for bulls to gain some ground against bears in crypto market.
Initial Supports Below 92
On downside potential supports include those laid down by initial support around 88 marks followed by 85 marks if bulls fail to keep their grip over market situation or some unexpected news hit crypto sphere hard once again resulting into bears taking control back over prices again temporarily or permanently depending upon magnitude of news and its impact on market sentiments overall.
Conclusion
Overall, if Litecoin manages break past current resistance near 92 then that might be considered as strong bullish signal for investors looking forward for quick profits from small investments in cryptocurrency space as good returns can be expected from such investment strategies usually due to volatility associated with them compared to traditional markets like Forex etc .