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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Charted: Litecoin Is Outperforming Major Altcoins, Why Dips Remain Attractive

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Litecoin

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Litecoin price is up over 10% and it broke the $80.00 resistance against the US Dollar. LTC is consolidating gains and dips are likely to be limited below $78.00 and $76.50.

  • Litecoin started a strong increase above the $75.00 and $80.00 levels against the US Dollar.
  • The price traded to a new monthly high near $84.12 and settled above the 100 simple moving average (4-hours).
  • There was a break above a contracting triangle with resistance near $75.10 on the 4-hours chart of the LTC/USD pair (data feed from Kraken).
  • The price could correct in the short-term, but the bulls are likely to remain active near $78.00 and $76.50.

Litecoin Price Rallies Another 10%

In the past few days, there was a strong increase in bitcoin, Ethereum, ripple and litecoin against the US Dollar. LTC price outperformed recently with a major rally above the $75.00 resistance level.

The bulls gained strength, resulting in a break above the $80.00 resistance level. The price climbed over 10% and it even cleared the $82.00 resistance. There was also a break above a contracting triangle with resistance near $75.10 on the 4-hours chart of the LTC/USD pair.

Litecoin price traded to a new monthly high near $84.12 and settled above the 100 simple moving average (4-hours). It is now consolidating gains above the $80.00 level. An initial support is near the $80.40 level. It is close to the 23.6% Fib retracement level of the recent increase from the $Q68.35 swing low to $84.12 high.

Litecoin Price

Source: LTCUSD on TradingView.com

If there is an extended decline, the price could test the $76.50 support level (the recent breakout zone). The 50% Fib retracement level of the recent increase from the $Q68.35 swing low to $84.12 high is also near $76.24.

On the upside, the $83.50 and $84.00 levels are immediate hurdles. The main resistance is near $85.00, above which the price might surge towards the $90.00 level.

Dips Supported in LTC?

It seems like dips might be limited in litecoin below the $80.00 level. The first support sits at $78.0, but the main buy zone is likely forming near the $76.50 level.

Any further losses may perhaps send the price towards the $72.00 support. The next major support is near a connecting bullish trend line at $68.30 on the same chart.

Technical indicators:

4-hours MACD – The MACD is slowly losing momentum 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 – $78.00 followed by $76.50.

Major Resistance Levels – $85.00 and $90.00.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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