Litecoin’s worth has traded as excessive as $112 up to now 24 hours, breaking into the three-digit worth stage for the primary time because the summer time of 2019
Litecoin has jumped above $100 for the primary time in over a 12 months following this week’s spectacular 50% rally. After Bitcoin’s price jumped to a brand new all-time excessive (ATH) close to $23,800, Litecoin adopted swimsuit and is buying and selling greater with an intraday upside of greater than 18%.
On the time of writing, the LTC price is altering palms round $107, with a 24-hour buying and selling quantity of greater than $11 billion. The rally sees Litecoin transfer into the fifth spot among the many largest cryptocurrencies by market cap.
In response to knowledge from CoinMarketCap, Litecoin’s market cap is $7.18 billion—forward of Bitcoin Cash ($5.8 billion) and ChainLink ($5.4 billion).
Litecoin worth evaluation
LTC has posted a pointy enhance in its worth in opposition to the US greenback, the current good points approaching the again of a breakout off a key bearish trendline. The each day chart reveals LTC/USD breaking greater after breaching the higher boundary of a contracting triangle sample. The higher trendline had just lately capped costs underneath $93.
However the breakout has since helped set up a vital assist zone across the $100 worth stage. From a technical perspective, the LTC/USD pair will break greater if sentiment continues north and bulls crack the quick resistance line round $108.
LTC/USD each day chart. Supply: TradingView
A retest of the intraday excessive at $112 might lead to extra buy-side stress and permit optimism to push LTC/USD to $120. An increase within the each day RSI (and above 70) suggests bulls retain the benefit and quick time period motion is prone to be in direction of the upside.
On the draw back, the preliminary assist is close to the 23.6% Fibonacci retracement stage of the upswing from $69.90 low to $112.69 excessive. The realm supplies a cushion round $102, under which bears may break to the psychological assist at $100.
The 38.2% Fib retracement stage ($96.31) and 50% Fib retracement stage ($86.31) supply additional assist. If Litecoin tanks close to time period, the 50-day easy shifting common ($74.35) and the 100-day easy shifting common ($61.64) supply dependable assist ranges.
LTC/USD 4-hour chart. Supply: TradingView
Trying on the 4-hour chart, the LTC worth is combating resistance round $107. Whereas worth stays properly above the contracting triangle, bulls have to breach the barrier to retest the $112 excessive.
Each the 4-hour MACD and 4-hour RSI for LTC/USD assist a bullish outlook quick time period however might flip detrimental handy bears one thing to grip onto. If it drops under $102 and $100, the primary assist zone is on the 50-SMA ($82.43) on the 4-hour chart.