Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Litecoin price started a steady increase above the $65 resistance against the US Dollar. LTC is currently rising and might rally further towards the $100 level.
- Litecoin started a strong increase above the $55 and $65 levels against the US Dollar.
- The price is now trading above $65 and the 100 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $77.50 on the 4-hours chart of the LTC/USD pair (data feed from Kraken).
- The price must clear the $77.50 and $84 to rise towards the $100 resistance zone.
Litecoin Price Outperforms Bitcoin
In the past few days, litecoin price saw a decent increase above the $50 level against the US Dollar. LTC price rallied over 20% and outperformed both bitcoin and ethereum.
There was a move above the $65 and $75 resistance levels. The price even surpassed $80 and settled above the 100 simple moving average (4-hours). It traded as high as $83.35 before there was a downside correction. There was a move below the $80 and $75 support levels.
The price declined below the 23.6% Fib retracement level of the upward move from the $59.17 swing low to $83.35 high. However, litecoin price is now trading above $65 and the 100 simple moving average (4-hours).
It stayed above the 50% Fib retracement level of the upward move from the $59.17 swing low to $83.35 high. On the upside, an immediate resistance is near the $77.50 level.
Source: LTCUSD on TradingView.com
There is also a key bearish trend line forming with resistance near $77.50 on the 4-hours chart of the LTC/USD pair. If there is a clear break above the $77.50 resistance, the price could start a strong increase. In the stated case, the price is likely to continue higher towards the $85 and $90 levels. Any more gains might send ltc price towards the $100 resistance zone.
Dips Limited in LTC?
If Litecoin price fails to clear the $77.50 resistance level, there could be another pullback. An initial support on the downside is near the $71.20 level.
The first major support is forming near the $68 level. Any further losses may perhaps send the price towards the $55 support in the coming sessions.
Technical indicators:
4-hours MACD – The MACD is slowly moving into the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently above the 50 level.
Major Support Levels – $71.20 followed by $68.00.
Major Resistance Levels – $77.50 and $85.00.
