Litecoin Price Holds Strong at $60: A Bullish Case For Rally To $70
- Litecoin started a steady recovery wave from the $53.50 and $54.00 support levels against the US Dollar.
- The price is now trading nicely above the $60.00 level and the 100 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $58.00 on the 4-hours chart of the LTC/USD pair (data feed from Kraken).
- The bulls seem to be aiming a larger upward move towards the $68.00 and $70.00 levels.
Litecoin price is gaining momentum above $60.00 against the US Dollar. LTC is likely to continue higher towards $68.00 or $70.00 as long as it is above $58.00.
Litecoin Price is Rising Steadily
After a steady decline, there was a recovery wave in bitcoin, Ethereum, ripple and litecoin against the US Dollar. Both ETH and LTC performed really well, and surged more than 5% in the past few sessions.
Litecoin price formed a support base above $55.00 and started a steady recovery wave above $60.00. There was a clear break above the 50% Fib retracement level of the downward move from the $68.92 high to $53.64 low.
Moreover, there was a break above a major bearish trend line with resistance near $58.00 on the 4-hours chart of the LTC/USD pair. The pair is now trading nicely above the $60.00 level and the 100 simple moving average (4-hours).
Litecoin price above $60.00. Source: TradingView.com
An initial resistance is near the $63.00 level. It is close to the 61.8% Fib retracement level of the downward move from the $68.92 high to $53.64 low. If there is a clear break above $63.00, the price might rise steadily towards the $65.00 level.
The main resistance is near the $68.00 level and $70.00 handle. The bulls are likely to target a test of the $70.00 resistance in the coming sessions.
Dips Likely Supported in LTC
If litecoin fails to continue above the $638.00 resistance, there are chances of a downside correction. On the downside, the first major support is near the $60.00 level and the 100 simple moving average (4-hours).
The next key support is near the $58.00 level, below which there is a risk of a fresh decline towards the $54.00 and $53.50 support levels.
4-hours MACD – The MACD is showing positive signs in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently correcting lower from the 70 level.
Major Support Levels – $60.00 followed by $58.00.
Major Resistance Levels – $68.00 and $70.00.