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Litecoin price is gaining momentum above $ 60.00 against the US dollar. LTC is likely to continue to rise (similar to bitcoin) towards $ 70.00 or $ 75.00 in the short term.
- Litecoin started a strong rally above the $ 55.50 and $ 58.00 resistance levels 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 bearish trend line with resistance near $ 54.00 on the 4-hour chart of the LTC / USD pair (data feed from Kraken).
- The bulls appear to be aiming for a broader rally towards the $ 70.00 resistance zone.
Litecoin price is gaining bullish momentum
This week, the bitcoin price started a strong rally above $ 14,000 and $ 15,000, but the altcoins did not gain momentum. However, they have started to gain momentum and recently there has been a decent rise in Ethereum, ripple and litecoin against the US dollar.
A solid support base formed near $ 52.00 before the litecoin price started a strong rally. There has been a break above a major bearish trend line with resistance near $ 54.00 on the 4-hour chart of the LTC / USD pair.
The pair gained pace above the $ 55.00 resistance and the 100 (4-hour) simple moving average. It opened the door for further gains above the $ 60.00 resistance and the price even climbed above the swinging high of $ 60.46. An initial resistance is near the $ 62.65 level.
Source: LTCUSD on TradingView.com
The 1.236 Fib extension level of the downward move from high $ 60.46 to swing low $ 51.06 is also close to the $ 62.68 level. If there are more rises, the price is likely to continue to rise towards the $ 70.00 resistance.
An intermediate resistance could be near $ 66.50 or the 1.618 Fibonacci extension level of the downward move from the $ 60.46 high to the swing low $ 51.06.
Probably limited dips in LTC
If litecoin fails to continue above the $ 62.65 resistance or the $ 65.00 zone, there is a chance of a downward correction. On the downside, the first major support is near the $ 60.00 level.
The main support is now forming near the $ 58.00 level, below which there is a risk of a drop towards the $ 55.00 support and the 100 (4 hour) simple moving average.
Technical indicators:
4-hour MACD – MACD is now gaining pace in the bullish zone.
4-Hour RSI (Relative Strength Index) – The RSI for LTC / USD is currently rising and is well above the 70 level.
Major Support Levels – $ 60.00 followed by $ 58.00.
Main resistance levels: $ 62.65 and $ 66.50.
