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Litecoin price is gaining momentum above $ 62.00 against the US dollar. LTC is likely to continue to rise (similar to bitcoin) and may even break the $ 65.00 resistance in the short term.
- Litecoin formed a solid support base near $ 57.00 and started a new rise against the US dollar.
- The price is now trading well above the $ 60.00 level and the simple moving average of 100 (4 hours).
- There has been a break above a major contracting triangle with resistance near $ 60.00 on the 4-hour chart of the LTC / USD pair (data feed from Kraken).
- The price is likely to continue to rise above the $ 64.00 and $ 65.00 resistance levels.
Litecoin price starts a new rise
This week, the bitcoin price gained pace above the $ 15,500 and $ 16,000 resistance levels, triggering positive moves in the altcoins. Litecoin performed very well and started a decent bullish move after forming a support base near the $ 57.00 level.
The LTC price broke the $ 58.50 and $ 60.00 resistance levels to move into a positive zone. There was a break above the 50% Fib retracement level of the downward movement from the swing high of $ 64.92 to the low of $ 57.00.
Furthermore, there has been a break above a major contracting triangle with resistance near $ 60.00 on the 4-hour chart of the LTC / USD pair. Litecoin price is now trading well above the $ 60.00 level and the simple moving average of 100 (4 hours).
Source: LTCUSD on TradingView.com
Immediate resistance is near the $ 63.00 level or the 76.4% Fib retracement level of the downward move from the swing high of $ 64.92 to the low of $ 57.00. The first major resistance is near the $ 64.00 level.
The main resistance is near the $ 65.00 level. A successful break and close above the $ 65.00 resistance could perhaps open the door for a decent rise towards the $ 70.00 resistance.
Dips probably limited in LTC
If litecoin fails to continue above the $ 63.00 resistance or the $ 65.00 zone, there is a chance for a downward correction. On the downside, the first major support is near the $ 60.00 region (the recent breakout zone).
Major support is now forming near the $ 57.00 level and the simple moving average of 100 (4 hours), below which the price could test $ 55.00.
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 50 level.
Major Support Levels – $ 60.00 followed by $ 57.00.
Main resistance levels: $ 63.00 and $ 65.00.
