- Litecoin price is rising steadily and it is now trading above $70.00 against the US Dollar.
- LTC price traded to a new 2020 high at $73.99 and it remains in an uptrend towards $80.00.
- There is a crucial bullish trend line forming with support near $70.60 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair is likely to continue higher towards the $80.00 and $82.50 resistance levels in the near term.
Litecoin price is trading in a strong uptrend above $70.00 against the US Dollar, similar to bitcoin. LTC price is likely to surge towards $80.00 as long as it is above $66.40.
Litecoin Price Analysis
In the past few days, there were steady gains in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. LTC price formed a solid support base above the $60.00 level and recently started a strong rise.
It surpassed the $65.00 and $68.00 resistance levels. Moreover, there was a break above the $70.00 barrier and a close above the 55 simple moving average (4-hours).
The bulls were able to push the price above the 76.4% Fib retracement level of the recent correction from the $73.32 high to $66.40 low. It has opened the doors for more upsides above the $73.30 level and the $73.32 high.
An immediate resistance for litecoin is near the $75.00 area. It is also close to the 1.236 Fib extension level of the recent correction from the $73.32 high to $66.40 low.
Any further gains is likely to lead the price towards the $80.00 resistance area. An intermediate resistance is near the $77.60 level, plus the 1.618 Fib extension level of the recent correction from the $73.32 high to $66.40 low.
On the downside, there are many decent supports forming near the $70.60 and $70.00 levels. More importantly, there is a crucial bullish trend line forming with support near $70.60 on the 4-hours chart of the LTC/USD pair.
Below the trend line, the next support is near the $67.00 level and the 55 simple moving average (4-hours). The main uptrend support is waiting near the $66.40 level, below which the bears are likely to take control.
Looking at the chart, litecoin price is clearly trading in a nice uptrend above the $66.50 and $70.00 level. A clear break above the $75.00 level could set the pace for a larger move towards $80.00 and $82.50.
Technical indicators
4 hours MACD – The MACD for LTC/USD is gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now well above the 60 level.
Key Support Levels – $70.00 and $66.40.
Key Resistance Levels – $75.00 and $80.00.
