in

This Resistance Could Trigger New Rally


Litecoin price remained well bid above the $60 support zone against the US Dollar. LTC is rising and might attempt a fresh rally above the $70 level.

  • Litecoin started a fresh decline below $80 support against the US Dollar.
  • The price is now trading below $70 and the 100 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $70.50 on the 4-hours chart of the LTC/USD pair (data feed from Kraken).
  • The price could start a decent increase if there is a clear move above the $72 resistance.

Litecoin Price Eyes Upside Break

Earlier this month, litecoin price saw a steady decline from well above the $80 level against the US Dollar. LTC price declined below the $75 support zone to move into a bearish zone, similar to bitcoin and ethereum.

The price gained pace below the $70 support and the 100 simple moving average (4-hours). A low was formed near $61.02 and the price is now attempting a recovery wave. There was a decent upside correction above the $63 and $65 levels.

There was a move above the 23.6% Fib retracement level of the key decline from the $79.80 swing high to $61.02 low. The price is now trading near the $70 resistance and 100 simple moving average (4-hours).

On the upside, an immediate resistance is near the $70.00 level. There is also a key bearish trend line forming with resistance near $70.50 on the 4-hours chart of the LTC/USD pair. The trend line is near the 50% Fib retracement level of the key decline from the $79.80 swing high to $61.02 low.

Litecoin Price

Source: LTCUSD on TradingView.com

If there is a clear break above the $70.50 resistance, the price could start a strong increase. In the stated case, the price is likely to continue higher towards the $72 and $75 levels. Any more gains might send ltc price towards the $80 resistance zone.

Fresh Decline in LTC?

If Litecoin price fails to clear the $70.00 resistance level, there could be a fresh decline. An initial support on the downside is near the $65.50 level.

The first major support is forming near the $64.00 level. Any further losses may perhaps send the price towards the $60.00 support in the coming sessions.

Technical indicators:

4-hours MACD – The MACD is slowly gaining pace in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is above the 50 level.

Major Support Levels – $65.50 followed by $60.00.

Major Resistance Levels – $70.00 and $75.00.



Source link

Leave a Reply

GIPHY App Key not set. Please check settings

What do you think?

Square Enix invests into NFT gaming firm, Beeple speaks on NFT art future and more…

SEC seeks to keep Hinman documents hidden in Ripple case