Litecoin worth is gaining tempo above the $70.00 degree in opposition to the US Dollar. LTC might proceed to rise if it clears the $72.80 resistance zone.
- Litecoin is displaying optimistic indicators from the $65 help zone in opposition to the US Dollar.
- The worth is now buying and selling above $70 and the 100-hourly Simple Moving Average.
- There is a key bullish pattern line forming with help at $68.00 on the hourly chart of the LTC/USD pair (knowledge feed from Kraken).
- The worth is up over 10% and would possibly proceed to rise if it clears the $72.80 resistance zone.
Litecoin Price Gains Bullish Momentum
After forming a base above $65, Litecoin began a contemporary enhance. LTC worth broke the $68 and $70 resistance ranges to maneuver into a optimistic zone, like Bitcoin and Ethereum.
The worth gained over 10% and even cleared the $72 degree. A excessive was shaped at $72.74 and the worth is now consolidating positive factors. It is secure above the 23.6% Fib retracement degree of the upward transfer from the $65.29 swing low to the $72.74 excessive.
Litecoin is now buying and selling above $70 and the 100 easy shifting common (4 hours). There can also be a key bullish pattern line forming with help at $68.00 on the hourly chart of the LTC/USD pair. The pattern line is near the 61.8% Fib retracement degree of the upward transfer from the $65.29 swing low to the $72.74 excessive.
On the upside, quick resistance is close to the $72.00 zone. The subsequent main resistance is close to the $72.80 degree. If there may be a clear break above the $72.80 resistance, the worth might begin one other sturdy enhance. In the acknowledged case, the worth is prone to proceed increased towards the $75.50 and $78.00 ranges. Any extra positive factors would possibly ship LTC’s worth towards the $80.00 resistance zone.
Are Dips Supported in LTC?
If Litecoin worth fails to clear the $72 resistance degree, there could possibly be a draw back correction. Initial help on the draw back is close to the $71.00 degree.
The subsequent main help is forming close to the $69.00 degree, beneath which there’s a danger of a transfer towards the $67.50 help. Any additional losses could maybe ship the worth towards the $65.00 help.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for LTC/USD is above the 60 degree.
Major Support Levels – $71.00 adopted by $67.50.
Major Resistance Levels – $72.80 and $80.00.
