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- Litecoin’s price started a steady rise above the $ 70.00 resistance against the US dollar.
- The price of LTC traded close to $ 78.00 and stood above the 55 (4-hour) simple moving average.
- There is a large bullish trend line forming with support near $ 66.70 on the 4-hour chart of the LTC / USD pair (data feed from Coinbase).
- The pair is likely to resume its rise if it breaks out of the $ 76.00 resistance level in the short term.
Litecoin price is showing positive signs above $ 70.00 against the US dollar, similar to bitcoin. The price of LTC remains well supported and could aim for a break above $ 80.00.
Litecoin price analysis
This week, there was a sharp rise in bitcoin, Ethereum, ripple and litecoin corrected to the downside against the US dollar. Previously, the LTC price has formed a solid support base above the $ 65.00 level.
The price started a sharp rise above the $ 70.00 resistance and 55 simple moving average (4 hours). It also broke the $ 75.00 level and traded at a new monthly high near $ 77.21. Recently, there was a bearish correction below the $ 75.00 support.
The price traded below the 23.6% Fib retracement level of the upward wave from the low of $ 61.08 to the high of $ 77.21. However, the bulls were able to protect the $ 70.00 support.
The 50% Fib retracement level of the bullish wave from the low of $ 61.08 to the high of $ 77.21 also serves as decent support. Additionally, a major bullish trend line is forming with support near $ 66.70 on the 4-hour chart of the LTC / USD pair.
The 55 simple moving average (4 hours) is also positioned near the trend line and $ 65.00. Any further disadvantages could start a sharp decline towards the $ 58.00 level.
Conversely, the price is likely to continue to rise above the $ 76.00 resistance level. The next major resistance is near the $ 78.00 level, above which the bulls are likely to aim for a sharp break above the $ 80.00 resistance level over the next few days.
Litecoin price
Looking at the chart, the litecoin price is clearly holding the key support of $ 70.00 and the simple moving average 55 (4 hours). Overall, the price is likely to resume rising if it breaks out of the $ 76.00 resistance level in the near term.
Technical indicators
4-Hour MACD – The MACD for LTC / USD is currently gaining momentum in the bullish zone.
4-Hour RSI (Relative Strength Index) – The RSI for LTC / USD is still well above the 50 level.
Key Support Levels: $ 70.00 and $ 67.00.
Key resistance levels: $ 76.00 and $ 80.00.
