HomeAltcoin NewsLitecoin (LTC) Price Sighting Fresh Increase Above $75

Litecoin (LTC) Price Sighting Fresh Increase Above $75

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  • Litecoin price declined towards the $65.00 level before buyers appeared against the US Dollar.
  • LTC price started a decent upward move and recovered above the $68.20 and $70.20 resistances.
  • There was a break above a key bearish trend line with resistance at $72.35 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair is likely to climb further above the $73.00 and $75.00 resistances in the near term.

Litecoin price is slowly gaining bullish momentum against the US Dollar and bitcoin. LTC price remains well bid and it could start a strong upward move above the $75.00 resistance.

Litecoin Price Analysis

This past week, there was a downside extension in litecoin price below the $75.00 support against the US Dollar. The LTC/USD pair even broke the $68.20 support and 55 simple moving average (4-hours). As a result, there was a downside extension and the price traded as low as $64.82. Finally, the bulls took a stand and the price recovered above the $68.20 and $69.50 levels. More importantly, there was a proper close above $70.00 and the 55 simple moving average (4-hours).

The price surpassed the 50% Fib retracement level of the last decline from the $79.78 high to $64.82 low. Besides, there was a break above a key bearish trend line with resistance at $72.35 on the 4-hours chart of the LTC/USD pair. There was a spike towards the $75.00 level, where sellers emerged. It seems like the 61.8% Fib retracement level of the last decline from the $79.78 high to $64.82 low is acting as a resistance. At the moment, the price is currently consolidating above $71.00 and the 55 SMA. As long as the price is above $70.00, it is likely to resume its upward move.

On the upside, a successful close above $75.00 and $75.20 may push the price higher. Therefore, the next stop for the bulls could be near the $79.77 swing high. Above $80.00, the price may test the $83.30 level. It represents the 1.236 Fib extension level of the last decline from the $79.78 high to $64.82 low.

Litecoin Price Analysis LTC Chart

Looking at the chart, litecoin price clearly moved into a positive zone, with a close above $70.50 and the 55 SMA. As long as there is no close below $70.00, the price is likely to rebound further. The main hurdles for the bulls are $75.00, $75.20, and followed by $76.25.

Technical indicators

4 hours MACD – The MACD for LTC/USD is losing momentum in the bullish zone, with a few negative signs.

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently moving lower towards the 50 level.

Key Support Levels – $70.50 and $70.00.

Key Resistance Levels – $75.20 and $76.25.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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