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Litecoin’s price rose more than 10% and broke the $ 80.00 resistance against the US dollar. LTC is consolidating earnings and declines should be limited to below $ 78.00 and $ 76.50.
- Litecoin began a sharp rise above the $ 75.00 and $ 80.00 levels against the US dollar.
- The price traded at a new monthly high near $ 84.12 and traded above the simple moving average of 100 (4 hours).
- There was a break above a contracting triangle with resistance near $ 75.10 on the 4-hour chart of the LTC / USD pair (data feed from Kraken).
- The price may correct in the near term, but the bulls are likely to remain active near $ 78.00 and $ 76.50.
Litecoin price increases by another 10%
There has been a sharp rise in bitcoin, Ethereum, ripple and litecoin against the US dollar in recent days. The price of LTC has recently outperformed with a major rally above the $ 75.00 resistance level.
The bulls rallied, causing a break above the $ 80.00 resistance level. The price rose more than 10% and even broke through the $ 82.00 resistance. There was also a break above a shrinking triangle with resistance near $ 75.10 on the 4-hour chart of the LTC / USD pair.
Litecoin’s price traded at a new monthly high near $ 84.12 and traded above the simple moving average of 100 (4 hours). It is now consolidating gains above the $ 80.00 level. Initial support is near the $ 80.40 level. It is close to the 23.6% Fib retracement level of the recent rise from the swing low $ Q68.35 to the high $ 84.12.
Source: LTCUSD on TradingView.com
If there is a sustained decline, the price could test the $ 76.50 support level (the recent breakout zone). The 50% Fib retracement level of the recent hike from floating low $ Q68.35 to high $ 84.12 is also close to $ 76.24.
On the upside, the $ 83.50 and $ 84.00 levels are immediate hurdles. The main resistance is near $ 85.00, above which the price could rise towards the $ 90.00 level.
Dips supported in LTC?
It appears that dips may be limited in litecoin below the $ 80.00 level. The first support is at $ 78.0, but the main buying zone is likely forming near the $ 76.50 level.
Any further losses could possibly send the price towards the $ 72.00 support. The next major support is near a connecting bullish trend line at $ 68.30 on the same chart.
Technical indicators:
4-hour MACD – The MACD is slowly losing momentum in the bullish zone.
4-Hour RSI (Relative Strength Index) – The RSI for LTC / USD is currently correcting below the 70 level.
Major Support Levels – $ 78.00 followed by $ 76.50.
Main resistance levels: $ 85.00 and $ 90.00.
