Litecoin’s value has traded as excessive as $112 previously 24 hours, breaking into the three-digit value degree for the primary time because the summer time of 2019
Litecoin has jumped above $100 for the primary time in over a yr following this week’s spectacular 50% rally. After Bitcoin’s value jumped to a brand new all-time excessive (ATH) close to $23,800, Litecoin adopted go well with and is buying and selling larger with an intraday upside of greater than 18%.
On the time of writing, the LTC value is altering arms 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 information from CoinMarketCap, Litecoin’s market cap is $7.18 billion—forward of Bitcoin Money ($5.eight billion) and ChainLink ($5.Four billion).
Litecoin value evaluation
LTC has posted a pointy improve in its value towards the US greenback, the current positive aspects approaching the again of a breakout off a key bearish trendline. The day by day chart exhibits LTC/USD breaking larger 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 important assist zone across the $100 value degree. From a technical perspective, the LTC/USD pair will break larger if sentiment continues north and bulls crack the rapid resistance line round $108.
LTC/USD day by day chart. Supply: TradingView
A retest of the intraday excessive at $112 may end in extra buy-side strain and permit optimism to push LTC/USD to $120. An increase within the day by day RSI (and above 70) suggests bulls retain the benefit and quick time period motion is more likely to be in direction of the upside.
On the draw back, the preliminary assist is close to the 23.6% Fibonacci retracement degree of the upswing from $69.90 low to $112.69 excessive. The realm supplies a cushion round $102, beneath which bears may break to the psychological assist at $100.
The 38.2% Fib retracement degree ($96.31) and 50% Fib retracement degree ($86.31) supply additional assist. If Litecoin tanks close to time period, the 50-day easy transferring common ($74.35) and the 100-day easy transferring common ($61.64) supply dependable assist ranges.
LTC/USD 4-hour chart. Supply: TradingView
Trying on the 4-hour chart, the LTC value is scuffling with resistance round $107. Whereas value stays effectively above the contracting triangle, bulls must 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 may flip destructive at hand bears one thing to grip onto. If it drops beneath $102 and $100, the principle assist zone is on the 50-SMA ($82.43) on the 4-hour chart.