Litecoin price is gaining momentum above USD 62.00 against the US dollar. LTC is likely to continue higher (on par with bitcoin), and it could even break the USD 65.00 resistance in the near term.
- Litecoin formed a strong support base at USD 57.00 and started a fresh rise against the US dollar.
- The price is now trading nicely above the USD 60.00 level and the 100 simple (4 hours) moving average.
- There was a break above a large contractile triangle with a resistance near USD 60.00 on the 4-hour chart of the LTC / USD pair (Kraken data feed).
- The price is likely to remain above the USD 64.00 and USD 65.00 resistance levels.
Litecoin price starts to rise again
This week, bitcoin price gained speed above the USD 15,500 and USD 16,000 resistance levels, leading to positive moves in altcoins. Litecoin did very well, and it started quite a bit of upward movement after forming a support base near the USD 57.00 level.
LTC price broke the USD 58.50 and USD 60.00 resistance levels to move into a positive zone. There was a break above the 50% Fib retracement level of the downward movement from the $ 64.92 swing high to the $ 57.00 swing low.
Additionally, there was a break above a large contractile triangle with a resistance near USD 60.00 on the 4-hour chart of the LTC / USD pair. Litecoin price is now trading nicely above the USD 60.00 level and the 100 simple moving average (4 hours).
Source: LTCUSD on TradingView.com
An immediate resistance is near the USD 63.00 level or the 76.4% Fib retracement level of the downward move from the USD 64.92 swing high to USD 57.00 swing low. The first major resistance is near USD 64.00.
The main resistance is around the USD 65.00 level. A successful break and close above the USD 65.00 resistance may open the doors for a significant rise towards the USD 70.00 resistance.
Dips probably limited in LTC
If litecoin does not continue above the USD 63.00 resistance or the USD 65.00 zone, there is a chance of a downside correction. On the downside, the first major support is near the USD 60.00 region (the recent escape zone).
The main support is now forming near the USD 57.00 level and the 100 simple (4 hours) moving average, below which the price could test USD 55.00.
4-Hour MACD – The MACD is now gaining momentum in the bullish zone.
4-Hour RSI (Relative Strength Index) – The RSI for LTC / USD is currently rising and is well above the 50 level.
Key Support Levels – $ 60.00 Followed by $ 57.00.
Key Resistance Levels – USD 63.00 and USD 65.00.