Litecoin price started a strong increase above the $70 resistance against the US Dollar. LTC is currently consolidating and might aim more upsides above $85.
- Litecoin started a strong increase above the $65 and $70 levels against the US Dollar.
- The price is now trading above $70 and the 100 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $74.00 on the 4-hours chart of the LTC/USD pair (data feed from Kraken).
- The price must clear the $83.20 and $84.65 to start another increase in the near term.
Litecoin Price Continues To Outperform
In the past few days, litecoin price started a steady increase above the $60 level against the US Dollar. LTC price was able to clear the $65 and $70 resistance levels to move into a bullish zone.
The bulls even pumped the price above the $80 level, outperforming both bitcoin and ethereum. However, the price faced sellers near the $85 zone. A high was formed near $85.08 and the price is now consolidating gains.
Litecoin price is now trading above $70 and the 100 simple moving average (4-hours). There was a minor decline below the 23.6% Fib retracement level of the upward move from the $70.57 swing low to $85.08 high. Besides, there is a major bullish trend line forming with support near $74.00 on the 4-hours chart of the LTC/USD pair.
Source: LTCUSD on TradingView.com
On the upside, an immediate resistance is near the $82.00 level. The first major resistance is near the $83.20 level. The main resistance is near $85. If there is a clear break above the $85 resistance, the price could start a strong increase. In the stated case, the price is likely to continue higher towards the $92 and $95 levels. Any more gains might send ltc price towards the $100 resistance zone.
Dips Supported in LTC?
If Litecoin price fails to clear the $82.00 resistance level, there could be a downside correction. An initial support on the downside is near the $80 level.
The first major support is forming near the $77.80 level. The stated level is near the 50% Fib retracement level of the upward move from the $70.57 swing low to $85.08 high. Any further losses may perhaps send the price towards the $74 support in the coming sessions.
Technical indicators:
4-hours MACD – The MACD is slowly losing pace in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently above the 50 level.
Major Support Levels – $78.00 followed by $74.00.
Major Resistance Levels – $82.50 and $85.00.
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