Litecoin Price Multi-Timeframe Analysis Points to More Gains

Litecoin value moved sideways on Monday as traders embraced a risk-off sentiment. The coin was buying and selling at $97.24, which was just a few factors beneath the year-to-date excessive of $102. Litecoin has been one of many best-performing big-cap cryptocurrencies on the planet. In contrast to most cash, its rally began in June final yr when it dropped to a low of $47.85.

Litecoin value evaluation (1D chart)

The LTC/USD value has been in a powerful rally prior to now few months. This rally was validated when the coin moved fashioned a golden cross sample. In monetary buying and selling, this sample kinds when the 50-day and 200-day transferring averages makes a bullish crossover. The cross occurred on December 16. 

Prior to now few months, Litecoin has moved above a number of necessary resistance ranges. The newest was when it moved above the important thing degree at $85.20, the very best level on December 6. It additionally moved above the psychological degree of $100.

The coin has additionally jumped above the ascending trendline proven in black. Subsequently, I believe that the bullish pattern will proceed as Litecoin’s hash charge continues rising. It has jumped to an all-time excessive, signaling that the community stays considerably wholesome.

If this pattern continues, Litecoin will possible proceed rising as consumers goal the important thing resistance level at $120, which is about 23% above the present degree.

LTC/USD value 4H evaluation

Turning to the 4H chart, we see that the LTC/USD value has fashioned an ascending channel proven in black. The worth has moved barely beneath the center line of this channel. It is usually consolidating on the 25-day transferring averages. Subsequently, whereas the coin has made a slight pullback, I believe that the bullish pattern will proceed within the coming days. 

If that is correct, the coin will possible retest the necessary resistance degree at $102.16, the very best level this yr. A transfer above that resistance level will see the Litecoin value proceed hovering, with the important thing degree to observe being at $120. This view is consistent with that on the every day chart.