Connect with us

Hi, what are you looking for?

ELEVENEWS

Litecoin

Charted: Litecoin Surges Above $65, Why It Could Test $70-$72

Litecoin price is gaining momentum above $65.00 against the US Dollar. LTC is likely to continue higher towards the $70.00 and $72.00 resistance levels in the near term.

  • Litecoin remained well bid and surpassed the $65.00 resistance zone against the US Dollar.
  • The price is now trading nicely above the $66.00 level and the 100 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $63.00 on the 4-hours chart of the LTC/USD pair (data feed from Kraken).
  • The price is likely to continue higher above the $68.00 and $70.00 resistance levels.

Litecoin Price is Surging

In the last technical analysis, we discussed why litecoin could surge above $65.00 against the US Dollar. LTC price did gain momentum and broke many hurdles near $64.00 and $65.00.

The recent upward move was such that the price broke the 76.4% Fib retracement level of the downward move from the $66.60 swing high to $61.07 swing low. Recently, bitcoin and ETH corrected lower, but litecoin remained well bid above the $65.00 level.

The price is now trading nicely above the $66.00 level and the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support near $63.00 on the 4-hours chart of the LTC/USD pair.

Litecoin Price

An initial resistance is near the $67.90 and $68.0 levels. The first major resistance is near the $70.00 level. The stated $70.00 hurdle is also close to the 1.618 Fib extension level of the downward move from the $66.60 swing high to $61.07 swing low. Any further gains could lead the price towards the $72.00 resistance level in the near term.

Dips Limited in LTC?

If litecoin starts a downside correction, it might find a strong buying interest near $65.00. The next major support for the bulls is near the $63.00 level and the highlighted bullish trend line on the hourly chart.

Any further losses may perhaps send the price towards the $60.00 support or the 100 simple moving average (4-hours) in the near term. Below $60.00, the price is likely to move into a bearish zone.

Technical indicators:

4-hours MACD – The MACD is now gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently rising and it is well above the 55 level.

Major Support Levels – $65.00 followed by $63.00.

Major Resistance Levels – $70.00 and $72.00.

News Source

Advertisement

Trending Post

Chainlink

ChainLink is basically very exciting.  Users have to state that it stirs the imagination and passions of the community in ways that other projects...

IOTA

Senseering offers an IOTA-based solution to create a marketplace for data that can be shared among partners. Senseering’s solution will be used in collaboration...

Ripple

Cryptocurrency investment is becoming a common trend. In the fourth quarter of the year, when investments are said to start doing well, how are...

VeChain

VeChain (VET), BTCMVMNT, and Team Zuby have joined forces to create a limited-edition merchandise collection dubbed “Take the Power Back.” The team says the...

Copyright © ELEVENEWS