Market
Litecoin (LTC) Jumps 10%: Can the Bulls Fuel a Bigger Rally?
Litecoin price is gaining pace above the $70.00 level against the US Dollar. LTC could continue to rise if it clears the $72.80 resistance zone.
- Litecoin is showing positive signs from the $65 support zone against the US Dollar.
- The price is now trading above $70 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $68.00 on the hourly chart of the LTC/USD pair (data feed from Kraken).
- The price is up over 10% and might continue to rise if it clears the $72.80 resistance zone.
Litecoin Price Gains Bullish Momentum
After forming a base above $65, Litecoin started a fresh increase. LTC price broke the $68 and $70 resistance levels to move into a positive zone, like Bitcoin and Ethereum.
The price gained over 10% and even cleared the $72 level. A high was formed at $72.74 and the price is now consolidating gains. It is stable above the 23.6% Fib retracement level of the upward move from the $65.29 swing low to the $72.74 high.
Litecoin is now trading above $70 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $68.00 on the hourly chart of the LTC/USD pair. The trend line is close to the 61.8% Fib retracement level of the upward move from the $65.29 swing low to the $72.74 high.
On the upside, immediate resistance is near the $72.00 zone. The next major resistance is near the $72.80 level. If there is a clear break above the $72.80 resistance, the price could start another strong increase. In the stated case, the price is likely to continue higher toward the $75.50 and $78.00 levels. Any more gains might send LTC’s price toward the $80.00 resistance zone.
Are Dips Supported in LTC?
If Litecoin price fails to clear the $72 resistance level, there could be a downside correction. Initial support on the downside is near the $71.00 level.
The next major support is forming near the $69.00 level, below which there is a risk of a move toward the $67.50 support. Any further losses may perhaps send the price toward the $65.00 support.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for LTC/USD is above the 60 level.
Major Support Levels – $71.00 followed by $67.50.
Major Resistance Levels – $72.80 and $80.00.
