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Litecoin price is gaining momentum above $ 65.00 against the US dollar. LTC is likely to continue to climb towards the $ 70.00 and $ 72.00 resistance levels in the near term.
- Litecoin continued to trade and broke through the $ 65.00 resistance zone against the US dollar.
- The price is now trading well above the $ 66.00 level and the simple moving average of 100 (4 hours).
- There is a large bullish trend line forming with support near $ 63.00 on the 4-hour chart of the LTC / USD pair (data feed from Kraken).
- The price is likely to continue to rise above the $ 68.00 and $ 70.00 resistance levels.
Litecoin’s price is rising
In the latest technical analysis, we discussed why litecoin might rise above $ 65.00 against the US dollar. The price of LTC has gained momentum and has overcome many hurdles near $ 64.00 and $ 65.00.
The recent upward move was such that the price broke the 76.4% Fib retracement level of the downward move from the swing high of $ 66.60 to the low of $ 61.07. Recently, bitcoin and ETH corrected to the downside, but litecoin remained well offered above the $ 65.00 level.
The price is now trading well above the $ 66.00 level and the simple moving average of 100 (4 hours). There is also an important bullish trend line forming with support near $ 63.00 on the 4-hour chart of the LTC / USD pair.
Initial resistance is near the $ 67.90 and $ 68.0 levels. The first major resistance is near the $ 70.00 level. The stated hurdle of $ 70.00 is also close to the 1.618 Fib extension level of the downward movement from the swing high of $ 66.60 to the $ 61.07 swing low. Any further gains could drive the price towards the $ 72.00 resistance level in the short term.
Dips Limited in LTC?
If litecoin starts a downward correction, it may find strong buying interest near $ 65.00. The next major support for the bulls is near the $ 63.00 level and the bullish trend line highlighted on the hourly chart.
Any further losses could possibly lead the price towards the $ 60.00 support or the 100 (4 hour) simple moving average in the short term. Below $ 60.00, the price is likely to move into a bearish zone.
Technical indicators:
4-hour MACD – The MACD is now gaining momentum in the bullish zone.
4-Hour RSI (Relative Strength Index) – The RSI for LTC / USD is currently rising and is well above the 55 level.
Major Support Levels – $ 65.00 followed by $ 63.00.
Main resistance levels: $ 70.00 and $ 72.00.
