Litecoin price started a steady rise above the $65 resistance against the US Dollar. LTC is currently surging and could go even higher towards the $100 level.
- Litecoin started a strong rise above the $55 and $65 levels against the US Dollar.
- The price is now trading above $65 and the 100 simple moving average (4-hours).
- A key downtrend line is forming with resistance near $77.50 on the 4-hours chart of the LTC/USD pair (data feed from Kraken).
- The price must break above $77.50 and $84 to rally towards the $100 resistance zone.
Litecoin price outperforms Bitcoin
In the past few days, the litecoin price saw a decent rise above the $50 level against the US Dollar. LTC price surged more than 20% and outperformed both bitcoins Y ethereal.
There was a move above the $65 and $75 resistance levels. The price even broke above $80 and settled above the 100 simple moving average (4-hours). It traded as high as $83.35 before there was a downside correction. There was a move below the $80 and $75 support levels.
The price fell below the 23.6% Fibonacci retracement level of the up move from the $59.17 low to $83.35 high. However, litecoin price is now trading above $65 and the 100 simple moving average (4-hours).
It stayed above the 50% Fib retracement level of the up move from the $59.17 low to $83.35 high. To the upside, immediate resistance is near the $77.50 level.
Font: LTCUSD on TradingView.com
There is also a key downtrend line forming with resistance near $77.50 on the 4-hours chart of the LTC/USD pair. If there is a clear break above the $77.50 resistance, the price could start a strong rally. In the indicated case, the price is likely to continue higher towards the $85 and $90 levels. More gains could send ltc price towards the $100 resistance zone.
Dips Limited in LTC?
If the Litecoin price fails to break above the resistance level of $77.50, another pullback could be in store. Initial support on the downside is near the $71.20 level.
The first major support is forming near the $68 level. Any further losses could perhaps send the price towards the $55 support in the coming sessions.
4 hours MACD – The MACD is slowly moving towards the bullish zone.
4 Hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently above the 50 level.
Main support levels: $71.20 followed by $68.00.
Major resistance levels: $77.50 and $85.00.