Litecoin Could Be Next In Line For Surge: Technicals Indicate Push To $80
- Litecoin started a steady increase above the $50.00 and $60.00 resistance levels against the US Dollar.
- The price traded as high as $68.92 and it is currently correcting gains.
- There is a crucial bullish trend line forming with support near $65.20 on the 4-hours chart of the LTC/USD pair (data feed from Kraken).
- A clear break above $70.00 might open the doors for a push towards the $80.00 resistance.
Litecoin Price is Following Uptrend
In the past few days, litecoin price started a steady increase above the $55.00 resistance against the US Dollar. LTC price even settled above the $65.00 resistance and the 100 simple moving average (4-hours).
A new monthly high is formed near $68.92 and the price is currently correcting gains. There was a break below the $67.00 level. The price even traded below the 23.6% Fib retracement level of the recent upward move from the $58.13 swing low to $68.92 high.
On the downside, there is a strong support forming near the $65.20 and $65.00 levels. There is also a crucial bullish trend line forming with support near $65.20 on the 4-hours chart of the LTC/USD pair.
Litecoin price above $65.00. Source: TradingView.com
If there is a bearish break below the trend line, the price could test the $63.50 support. It is close to the 50% Fib retracement level of the recent upward move from the $58.13 swing low to $68.92 high.
On the upside, the price is facing a minor hurdle near the $68.00 level. A successful break above the $68.00 resistance could spark a fresh run above the $70.00 resistance. The next major hurdle for the bulls is near the $80.00 level. An intermediate resistance is near the $75.50 level.
Dips Likely Supported in LTC
If litecoin fails to continue above the $68.00 resistance, there are chances of a downside correction. On the downside, the first major support is near the trend line and $65.00.
The next key support is near the $63.50 level, below which there is a risk of an extended decline towards the $60.00 handle in the coming sessions.
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 correcting lower from the 75 level.
Major Support Levels – $65.00 followed by $63.50.
Major Resistance Levels – $68.00 and $70.00.