Litecoin price started a steady climb above the $65 resistance against the US Dollar. LTC is currently rising and it could continue to rally towards the $100 level.
- Litecoin started a strong surge above the $55 and $65 levels against the US Dollar.
- The price is now trading above $65 and the 100 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $77.50 on the 4 hour chart of the LTC/USD pair (data feed by Kraken).
- The price needs to clear $77.50 and $84 to climb towards the $100 resistance zone.
Litecoin Price Surpasses Bitcoin
For the past few days, Litecoin price has seen a decent surge above the $50 level against the US Dollar. LTC price surged over 20%, outperforming both Bitcoin and Ethereum.
There was a move above the $65 and $75 resistance levels. The price even surpassed $80 and settled above the 100 simple moving average (4-hours). It traded as low as $83.35 before staging a downside correction. There was a move below the $80 and $75 support levels.
The price fell below the 23.6% Fib retracement level of the bullish move from the $59.17 swing low to the $83.35 high. However, Litecoin price is now trading above $65 and the 100 simple moving average (4-hours).
It stayed above the 50% Fib retracement level of the bullish move from the $59.17 low to the $83.35 high. On the upside, there is an immediate resistance near $77.50.
Source: LTCUSD on TradingView.com
There is also a key bearish trend line forming with resistance near $77.50 on the 4-hour chart of the LTC/USD pair. If there is a clear break above the $77.50 resistance, the price could start a strong increase. In the mentioned case, the price is likely to continue higher towards the $85 and $90 levels. Further gains could propel the LTC price towards the $100 resistance zone.
Incursions in LTC limited?
If Litecoin price fails to clear the $77.50 resistance level, there could be another pullback. Initial support on the downside is near the $71.20 level.
The first major support is forming near $68. Further losses could potentially propel the price towards the $55 support in the coming sessions.
Technical indicators:
4-hour MACD – The MACD is slowly moving into the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for LTC/USD is currently above the 50 level.
Major support levels – $71.20 followed by $68.00.
Major resistance levels – $77.50 and $85.00.
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