Litecoin price is showing positive signs above $70.00 against the US Dollar, similar to bitcoin. LTC price remains well supported and it could aim a break above $80.00.
Litecoin Price Analysis
This week, there was a strong rise in bitcoin, Ethereum, ripple, and litecoin corrected lower against the US Dollar. Earlier, LTC price formed a strong support base above the $65.00 level.
The price started a strong increase above the $70.00 resistance and the 55 simple moving average (4-hours). It even broke the $75.00 level and traded to a new monthly high near $77.21. Recently, there was a downside correction below the $75.00 support.
The price traded below the 23.6% Fib retracement level of the upward wave from the $61.08 swing low to $77.21 high. However, the bulls were able to protect the $70.00 support.
The 50% Fib retracement level of the upward wave from the $61.08 swing low to $77.21 high is also acting as a decent support. Moreover, there is a major bullish trend line forming with support near $66.70 on the 4-hours chart of the LTC/USD pair.
The 55 simple moving average (4-hours) is also positioned close to the trend line and $65.00. Any more downsides could start a strong decline towards the $58.00 level.
Conversely, the price is likely to continue higher above the $76.00 resistance level. The next major resistance is near the $78.00 level, above which the bulls are likely to aim a clear break above the $80.00 resistance level in the coming days.
Looking at the chart, litecoin price is clearly holding the key $70.00 support and the 55 simple moving average (4-hours). Overall, the price is likely to resume its rise if it clears the $76.00 resistance level in the near term.
4 hours MACD – The MACD for LTC/USD is currently gaining momentum in the bullish zone.
4 hours 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.
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