Litecoin (LTC) has been exhibiting a strong upward trend, gaining pace above the $70.00 mark against the US Dollar. This positive momentum suggests that LTC could continue to rise, especially if it manages to surpass the crucial $72.80 resistance zone.
Key Insights into Litecoin’s Price Movement
- Litecoin is demonstrating positive signals, particularly from the $65 support zone against the US Dollar.
- The cryptocurrency is currently trading above $70 and the 100-hourly Simple Moving Average, indicating a bullish trend.
- A significant bullish trend line is forming, with support positioned at $68.00 on the hourly chart of the LTC/USD pair, as per data from Kraken.
- The price has surged by over 10% and is poised for further gains if it successfully breaks through the $72.80 resistance zone.
Litecoin Price Gains Bullish Momentum
After establishing a base above $65, Litecoin initiated a fresh upward trajectory. The LTC price overcame the resistance levels at $68 and $70, propelling it into a positive zone, akin to the performances of Bitcoin and Ethereum. The price notched a gain of over 10% and even surpassed the $72 mark. A peak was observed at $72.74, after which the price began to consolidate its gains. It remains stable above the 23.6% Fibonacci retracement level from the $65.29 swing low to the $72.74 high.
Currently, Litecoin is trading above $70 and the 100 simple moving average on the 4-hour chart. A notable bullish trend line is forming, providing support at $68.00 on the hourly chart of the LTC/USD pair. This trend line is in close proximity to the 61.8% Fibonacci retracement level from the $65.29 swing low to the $72.74 high.
Looking ahead, immediate resistance is anticipated near the $72.00 zone, with the next major resistance lying around the $72.80 level. Should Litecoin manage a decisive break above the $72.80 resistance, it could trigger another robust increase, potentially pushing the price toward the $75.50 and $78.00 levels. Further gains might propel LTC’s price closer to the $80.00 resistance zone.
Evaluating Potential Support Levels for Litecoin
In the event that Litecoin’s price is unable to break past the $72 resistance level, a downside correction could ensue. The initial support on this potential downturn is near the $71.00 level. The next significant support is forming around the $69.00 level, and falling below this could risk a drop toward the $67.50 support level. Any further losses might drive the price down to the $65.00 support.
Technical Indicators
The hourly MACD is now gaining pace within the bullish zone, indicating growing momentum. Meanwhile, the hourly RSI (Relative Strength Index) for LTC/USD is above 60, suggesting a strong upward trend.
Support and Resistance Levels
Major Support Levels include $71.00, followed by $67.50. On the other hand, key Resistance Levels are positioned at $72.80 and $80.00.
