Litecoin worth remained nicely bid above the $60 help zone in opposition to the US Dollar. LTC is rising and would possibly try a contemporary rally above the $70 degree.
- Litecoin began a contemporary decline beneath $80 help in opposition to the US Dollar.
- The worth is now buying and selling beneath $70 and the 100 easy transferring common (4-hours).
- There is a key bearish development line forming with resistance close to $70.50 on the 4-hours chart of the LTC/USD pair (information feed from Kraken).
- The worth might begin a good enhance if there’s a clear transfer above the $72 resistance.
Litecoin Price Eyes Upside Break
Earlier this month, litecoin worth noticed a gentle decline from nicely above the $80 degree in opposition to the US Dollar. LTC worth declined beneath the $75 help zone to maneuver right into a bearish zone, much like bitcoin and ethereum.
The worth gained tempo beneath the $70 help and the 100 easy transferring common (4-hours). A low was shaped close to $61.02 and the worth is now trying a restoration wave. There was a good upside correction above the $63 and $65 ranges.
There was a transfer above the 23.6% Fib retracement degree of the important thing decline from the $79.80 swing excessive to $61.02 low. The worth is now buying and selling close to the $70 resistance and 100 easy transferring common (4-hours).
On the upside, an instantaneous resistance is close to the $70.00 degree. There can also be a key bearish development line forming with resistance close to $70.50 on the 4-hours chart of the LTC/USD pair. The development line is close to the 50% Fib retracement degree of the important thing decline from the $79.80 swing excessive to $61.02 low.
Source: LTCUSD on TradingView.com
If there’s a clear break above the $70.50 resistance, the worth might begin a robust enhance. In the said case, the worth is more likely to proceed greater in direction of the $72 and $75 ranges. Any extra beneficial properties would possibly ship ltc worth in direction of the $80 resistance zone.
Fresh Decline in LTC?
If Litecoin worth fails to clear the $70.00 resistance degree, there may very well be a contemporary decline. An preliminary help on the draw back is close to the $65.50 degree.
The first main help is forming close to the $64.00 degree. Any additional losses might maybe ship the worth in direction of the $60.00 help within the coming classes.
Technical indicators:
4-hours MACD – The MACD is slowly gaining tempo within the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is above the 50 degree.
Major Support Levels – $65.50 adopted by $60.00.
Major Resistance Levels – $70.00 and $75.00.
