Litecoin Price Analysis: Bulls Eyeing $100 as Key Barrier Nears

• Litecoin is currently trading above the $88 mark 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 resistance level, then Litecoin price could climb further.

Litecoin (LTC) Price Analysis

Current Market Position

Litecoin started a steady increase above $85 against the US Dollar. The price is now 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.

What to Expect?

The pair could gain bullish momentum if it clears the $92 and $95 resistance levels. On the upside, there is also a key bearish trend line forming with resistance at $92 on the 4-hours chart of the LTC/USD pair which is near to 61.8% Fib retracement level from downward move from swing high to low. A clear move above this could push Litecoin price towards important barrier near around $100.

Downside Risk

If there is downside break below initial support near around$88, then it may accelerate lower towards next major support near around$85 level. Below this, any more losses might send Litecoin price towards important barrier of around$75 in near term.

Technical Indicators

The MACD for LTC/USD is gaining pace in bullish zone while Relative Strength Index (RSI) for LTC/USD is above 50 level indicating further upside potential in coming days ahead.

Conclusion

Overall, if Litecoin manages to break past important resistant barrier of around$92 and holds its gains firmly, then it will open up doors for further bulls action in upcoming days ahead as per technical analysis perspective .