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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Litecoin
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Charted: Litecoin Bullish Breakout Suggests Larger Rally To $90

Aayush Jindal by Aayush Jindal
3 years ago
in LTC
Reading Time: 2 mins read

Litecoin price is up over 5% and it broke the main $80.00 resistance against the US Dollar. LTC is showing positive signs and it could continue to rally towards $90.00 or $95.00.

  • Litecoin started a strong increase above the $74.00 and $75.00 resistance levels against the US Dollar.
  • The price broke the main $80.00 resistance and settled above the 100 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $80.60 on the 4-hours chart of the LTC/USD pair (data feed from Kraken).
  • The price is consolidating above the trend line and it could continue higher above $82.00.

Litecoin Price Smashes Key Resistance

In the past two days, there was a fresh increase in bitcoin, Ethereum, ripple and litecoin against the US Dollar. LTC price formed a decent support base near the $70.00 level before starting a fresh increase.

It broke the $74.00 and $75.00 resistance levels to move into a positive zone. More importantly, the price broke the main $80.00 resistance and settled above the 100 simple moving average (4-hours). The price climbed above the 50% Fib retracement level of the downward move from the $92.69 swing high to $69.88 swing low.

There was also a break above a major bearish trend line with resistance near $80.60 on the 4-hours chart of the LTC/USD pair. Litecoin is now consolidating above the trend line, $80.00, and the 100 simple moving average (4-hours).

Litecoin Price

Source: LTCUSD on TradingView.com

On the upside, the price is facing hurdles near the $84.40 and $85.00 levels. The 61.8% Fib retracement level of the downward move from the $92.69 swing high to $69.88 swing low is also near $84.00.

A successful break above the $84.00 and $85.00 resistance levels could initiate a fresh increase. The next major resistance is near the $90.00 level, above which the bulls could aim a test of $95.00.

Dips Supported in LTC?

It seems like litecoin is holding gains above the trend line and the $80.00 zone. If there is a downside break below the $80.00 support and the 100 simple moving average (4-hours), there could be a fresh decline.

The next major support is near the $76.00 level. Any further losses may perhaps send the price towards the $72.50 support in the coming sessions.

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 65 level.

Major Support Levels – $80.00 followed by $76.00.

Major Resistance Levels – $84.00 and $85.00.

Tags: Litecoinltc/usdltcbtcLTCUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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