Litecoin value began a gentle enhance above the $65 resistance towards the US Dollar. LTC is at present rising and may rally additional in the direction of the $100 stage.
- Litecoin began a robust enhance above the $55 and $65 ranges towards the US Dollar.
- The value is now buying and selling above $65 and the 100 easy shifting common (4-hours).
- There is a key bearish pattern line forming with resistance close to $77.50 on the 4-hours chart of the LTC/USD pair (information feed from Kraken).
- The value should clear the $77.50 and $84 to rise in the direction of the $100 resistance zone.
Litecoin Price Outperforms Bitcoin
In the previous few days, litecoin value noticed an honest enhance above the $50 stage towards the US Dollar. LTC value rallied over 20% and outperformed each bitcoin and ethereum.
There was a transfer above the $65 and $75 resistance ranges. The value even surpassed $80 and settled above the 100 easy shifting common (4-hours). It traded as excessive as $83.35 earlier than there was a draw back correction. There was a transfer under the $80 and $75 help ranges.
The value declined under the 23.6% Fib retracement stage of the upward transfer from the $59.17 swing low to $83.35 excessive. However, litecoin value is now buying and selling above $65 and the 100 easy shifting common (4-hours).
It stayed above the 50% Fib retracement stage of the upward transfer from the $59.17 swing low to $83.35 excessive. On the upside, a right away resistance is close to the $77.50 stage.
Source: LTCUSD on TradingView.com
There can be a key bearish pattern line forming with resistance close to $77.50 on the 4-hours chart of the LTC/USD pair. If there’s a clear break above the $77.50 resistance, the worth may begin a robust enhance. In the acknowledged case, the worth is more likely to proceed greater in the direction of the $85 and $90 ranges. Any extra good points may ship ltc value in the direction of the $100 resistance zone.
Dips Limited in LTC?
If Litecoin value fails to clear the $77.50 resistance stage, there could possibly be one other pullback. An preliminary help on the draw back is close to the $71.20 stage.
The first main help is forming close to the $68 stage. Any additional losses could maybe ship the worth in the direction of the $55 help within the coming classes.
Technical indicators:
4-hours MACD – The MACD is slowly shifting into the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is at present above the 50 stage.
Major Support Levels – $71.20 adopted by $68.00.
Major Resistance Levels – $77.50 and $85.00.
