Litecoin price is rising above the $70.00 level against the US dollar. If LTC breaks out of the $72.80 resistance area, it could continue to rise.
- Litecoin is showing positive signs at the $65 support zone against the US dollar.
- The price is currently trading above $70 and the 100-hour simple moving average.
- The hourly chart of the LTC/USD pair (data feed from Kraken) shows a major bullish trendline with support at $68.00.
- The price is up more than 10% and could continue rising if it breaks out of the $72.80 resistance area.
Litecoin Price Rising Bullish Momentum
After forming a base above $65, Litecoin started a new increase. LTC price broke the $68 and $70 resistance levels and moved into positive territory like Bitcoin and Ethereum.
The price rose by more than 10% and even rose to the $72 level. A high was formed at $72.74 and the price is now consolidating gains. It is stable above the 23.6% Fib retracement level, rising from the $65.29 swing low to the $72.74 high.
Litecoin is currently trading above $70 and the 100 simple moving average (4-hours). On the hourly chart of the LTC/USD pair, there is also a major bullish trend line forming with support at $68.00. The trend line is close to the 61.8% Fib retracement level rising from the $65.29 swing low to the $72.74 high.
On the other hand, immediate resistance is located near $72.00. The next major resistance is near the $72.80 level. If there is a clear break above the $72.80 resistance, the price could begin a strong rise once again. As stated, the price is likely to continue higher towards the $75.50 and $78.00 levels. Any further gains could push the price of LTC towards the $80.00 resistance area.
Are dips supported in LTC?
If Litecoin price fails to clear the $72 resistance level, there may be a downward correction. Initial support for the downside is near the $71.00 level.
The next major support is forming near the $69.00 level, below which there is a risk of a move towards the $67.50 support. Additional losses could lead the price towards the $65.00 support level.
Technical indicators:
Hourly MACD – MACD is now picking up speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for LTC/USD is above the 60 level.
Key support levels – $71.00 followed by $67.50.
Key resistance levels – $72.80 and $80.00.