Litecoin (LTC) Outshines Bitcoin — Is A Bigger Move On The Horizon?

Litecoin price remained in a positive zone above $110 while Bitcoin dived. LTC is gaining pace and might aim for more gains above $130.

Litecoin Price Outpaces Bitcoin

In the past few days, Litecoin price saw a major increase above the $100 and $120 resistance levels. LTC even surpassed the $132 resistance and the 50-day simple moving average (blue). Finally, it tested the $140 zone before there was a downside correction.

The price dipped below the $130 support. There was a drop below the 23.6% Fib retracement level of the upward move from the $80 swing low to the $140 high. However, losses were limited compared to Bitcoin and Ethereum.

Litecoin price remained strong above the $100 level. It is back above the $120 level and the 50-day simple moving average (blue). There is also a key bullish trend line forming with support at $105 on the daily chart.

The last two daily candles suggest bullish bias. The price is now consolidating near the $125 level with a positive zone. On the upside, immediate resistance is near the $130 level. The first major resistance is seen near the $135 level.

The main hurdle could be $140. A close above the $140 resistance zone could trigger a steady increase. The next stop LTC price could be the $150 level, above which the price could attempt to clear the $162 level. A daily close above the $162 resistance zone could set the pace for a move toward the next key resistance at $180. Any more gains might call for a test of $194 or even $200 in the coming weeks.

Are Dips Supported In LTC?

Conversely, Litecoin price might struggle to clear $130 or $135 and start a downside correction. Immediate support on the downside is near the $115 level and the 50-day simple moving average (blue).

The first major support is near the $110 level and the 50% Fib retracement level of the upward move from the $80 swing low to the $140 high. A downside break and close below the $110 support might spark more losses.

The next support sits near the trend line at $105. If the bulls fail to protect the $105 level, there could be a major pullback. In the stated case, Litecoin could test the $98 support. The next key support could be $80.

Overall, Litecoin is stable above $120 and shows a few positive signs. To start a fresh increase, it must clear the $130 resistance zone. If not, there could be a fresh drop toward the $110 support zone or even $105.

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