Litecoin’s Positive Stride in Market Pushes Price Above the Key Resistance of $85.0

Litecoin (LTC) has witnessed a positive price movement, gaining 1.46% on March 22.The momentum elevated the price from $77 to a high of $86.80, a level where LTC has been hovering in the last 24 hours. This leap is a part of the current crypto recovery in the cryptocurrency market, which also has seen Litecoin's market capitalization expand significantly. 

The rise in Litecoin's price coincides with a substantial increase in network transactions, signaling a potential advancement towards the $100 mark. With on-chain metrics showing a spike in large transactions, the stage seems set for an optimistic performance in the days to come.

Coinbase's announcement of introducing futures contracts for Litecoin, alongside Dogecoin and Bitcoin Cash, has notably contributed to the market's upbeat reaction. This development, anticipated to begin on April 1, is expected to encourage new capital inflows and reinforce Litecoin's global adoption. 

This news has seemingly acted as a catalyst, propelling LTC's price to $86 and augmenting its market cap by over $800 million.

LTC Holds Gains Above $85

LTC recent price movement saw it face the first significant barrier at the recent high of $86.80. Should the price breach this level, the next resistance is projected at $88.12.A push beyond this could see Litecoin testing the more formidable $89.55 resistance, challenging the asset's resolve to maintain its upward trajectory.

On the downside, Litecoin has established reliable support at $85.51, corresponding to today's pivot point, which is a critical line of defense against any potential sell-offs. A dip below this pivot would bring the price to face the first substantial support level at $84.32. Subsequent support levels are identified at $82.90 and $81.71, which if tested, could signify a reversal of the current bullish sentiment.

The 4-hour chart for Litecoin illustrates a bullish trend, as indicated by the price movement above the $80 threshold. The Moving Average Ribbon presents a bullish pattern, with the price consistently above the short-term moving averages. Additionally, the Parabolic SAR (Stop and Reverse) dots beneath the price action suggest the uptrend is likely to persist.

However, resistance is expected near the $90 mark, as indicated by the horizontal red line, which may result in a temporary halt or pullback. The Average Directional Index (ADX), hovering above 28, points to the strength of the current trend, reinforcing the possibility of continued upward movement.

The daily chart extends the optimistic outlook with the price trend hovering above the critical Exponential Moving Averages (EMA), an encouraging sign for sustained bullish momentum. The ADX on this timeframe, though slightly lower than on the 4-hour chart, still denotes a strong prevailing trend.

Litecoin is currently ranking  #20, according to CoinMarketCap data, with a market cap of $6,373,476,879 and a circulating supply of 74,336,831 LTC coins. Considering today's pivot point of $85.51, Litecoin's support levels are identified at $84.32, $82.90, and a robust support at $81.71. On the upside, resistance levels are pegged at $86.93, $88.12, and $89.55.