Litecoin price is gaining momentum against the US dollar above $ 62.00. LTC should continue to rise (similar to Bitcoin) and could even break the USD 65.00 resistance in the short term.
- Litecoin formed a strong support base near $ 57.00 and started a fresh spike against the US dollar.
- The price is now trading well above the $ 60.00 level and the simple moving average of 100 (4 hours).
- On the 4-hour chart of the LTC / USD pair (data feed from Kraken) there was a break above a large contraction triangle with resistance near USD 60.00.
- The price is likely to remain above the $ 64.00 and $ 65.00 resistance levels.
Litecoin price starts to rise again
This week, Bitcoin price surged above the USD 15,500 and USD 16,000 resistance levels, triggering positive moves in Altcoins. Litecoin did very well, starting a decent move higher after building a support base near the USD 57.00 level.
LTC price broke the $ 58.50 and $ 60.00 resistance levels to enter a positive zone. There was a break above the 50% fib retracement level of the downward move from the high of $ 64.92 to the low of $ 57.00.
Additionally, there was a break above a large contraction triangle with resistance near USD 60.00 on the 4-hour chart for the LTC / USD pair. Litecoin price is now trading well above the $ 60.00 level and the simple moving average of 100 (4 hours).
Source: LTCUSD on TradingView.com
Immediate resistance is near the $ 63.00 level or the 76.4% fib retracement level of the downward move from the high of $ 64.92 to the low of $ 57.00. The first major resistance is near the $ 64.00 level.
The main resistance is near the $ 65.00 level. A successful break and close above the USD 65.00 resistance could potentially open the doors for a decent rise towards the USD 70.00 resistance.
Dips likely limited in LTC
If Litecoin does not stay above the USD 63.00 resistance or the USD 65.00 zone, there is an opportunity for a downward correction. On the flip side, the first major support is near the USD 60.00 region (the most recent breakout zone).
The main support is now forming near the $ 57.00 level and the simple moving average of 100 (4 hours) below which the price could test $ 55.00.
4 Hour MACD – The MACD is now gaining momentum in the bullish zone.
4-Hour RSI (Relative Strength Index) – The RSI for LTC / USD is currently rising, well above the 50 level.
Major Support Levels – $ 60.00 followed by $ 57.00.
Main Resistance Levels – $ 63.00 and $ 65.00.