- The price of Litecoin against the US Dollar started to rise sharply above the $70 barrier. LTC is stabilizing at the moment and may look for more gains above $85.
- In relation to the US Dollar, Litecoin started to rise sharply over the $65 and $70 levels.
- On the 4-hour chart of the LTC/USD pair, a significant bullish trend line is forming, with support located close to $74.00. (Source: Kraken).
The bull run of Litecoin
The price of Litecoin began to steadily rise above the $60 mark versus the US dollar in recent days. In order to enter a bullish zone, LTC price was able to break through the $65 and $70 resistance levels.
The bulls outperformed both bitcoin and Ethereum by driving the price up above the $80 mark. However, sellers near the $85 zone found price challenges. Near $85.08, a high was created, and presently that price is consolidating gains.
The price of Litecoin is currently above $70 and the 100 simple moving average (4-hours). Below the 23.6% Fib retracement level of the upward movement from the $70.57 swing low to $85.08 high, there was a slight dip. On the LTC/USD pair’s 4-hours chart, a significant bullish trend line is also formed, with support located close to $74.00.
Near the $82.00 mark, there is immediate resistance on the upside. The $83.20 level represents the first significant obstacle. Near $85, there is the greatest resistance. The price may begin a sharp rise if there is a clear break over the $85 resistance. In the scenario given, it is expected that the price would rise more, possibly reaching $92 and $95 levels. Any further rises could push the price of LTC toward the $100 resistance level.
Dips in LTC?
If the Litecoin price fails to break through the $82.00 resistance level, a downside correction is possible. On the downside, initial support is near the $80 level.
Near the $77.80 level, the first major support is forming. The stated level is close to the 50% Fib retracement level of the upward move from the swing low of $70.57 to the high of $85.08. Any further losses could push the price down to the $74 support level in the coming sessions.
Indicators of functionality:
4-hour MACD – The MACD is gradually losing momentum in the bullish zone.
RSI (Relative Strength Index) for 4 hours – The LTC/USD RSI is currently above the 50 level.
Major Support Levels – $78.00, then $74.00.
$82.50 and $85.00 are the major resistance levels.