Litecoin value is gaining momentum above $60.00 in opposition to the US Greenback. LTC is more likely to proceed increased (just like bitcoin) in direction of $70.00 or $75.00 within the close to time period.
Litecoin began a powerful rally above the $55.50 and $58.00 resistance ranges in opposition to the US Greenback.
The worth is now buying and selling properly above the $60.00 stage and the 100 easy transferring common (4-hours).
There was a break above a significant bearish pattern line with resistance close to $54.00 on the 4-hours chart of the LTC/USD pair (information feed from Kraken).
The bulls appear to be aiming a bigger rally in direction of the $70.00 resistance zone.
Litecoin Value is Gaining Bullish Momentum
This week, bitcoin value began a powerful rally above $14,000 and $15,000, however altcoins lacked momentum. Nevertheless, they began selecting up momentum, and not too long ago, there was an honest enhance in Ethereum, ripple and litecoin in opposition to the US Greenback.
A powerful help base was fashioned close to $52.00 earlier than litecoin value began a powerful rally. There was a break above a significant bearish pattern line with resistance close to $54.00 on the 4-hours chart of the LTC/USD pair.
The pair gained tempo above the $55.00 resistance and 100 easy transferring common (4-hours). It opened the doorways for extra good points above the $60.00 resistance and the value even climbed above the $60.46 swing excessive. An preliminary resistance is close to the $62.65 stage.
Supply: LTCUSD on TradingView.com
The 1.236 Fib extension stage of the downward transfer from the $60.46 excessive to $51.06 swing low can also be close to the $62.68 stage. If there are extra upsides, the value is more likely to proceed increased in direction of the $70.00 resistance.
An intermediate resistance may very well be close to $66.50 or the 1.618 Fib extension stage of the downward transfer from the $60.46 excessive to $51.06 swing low.
Dips Possible Restricted in LTC
If litecoin fails to proceed above the $62.65 resistance or the $65.00 zone, there are possibilities of a draw back correction. On the draw back, the primary main help is close to the $60.00 stage.
The principle help is now forming close to the $58.00 stage, beneath which there’s a threat of a drop in direction of the $55.00 help and the 100 easy transferring common (4-hours).
4-hours MACD – The MACD is now gaining tempo within the bullish zone.
4-hours RSI (Relative Energy Index) – The RSI for LTC/USD is at present rising and it’s nicely above the 70 stage.
Main Assist Ranges – $60.00 adopted by $58.00.
Main Resistance Ranges – $62.65 and $66.50.