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Breaking News: Tether Resolves Celsius Lawsuit With Major $300 Million Settlement Deal

Charted: Litecoin Surges Above $65, Why It Could Test $70-$72

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Litecoin

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Litecoin price is gaining momentum above $65.00 against the US Dollar. LTC is likely to continue higher towards the $70.00 and $72.00 resistance levels in the near term.

  • Litecoin remained well bid and surpassed the $65.00 resistance zone against the US Dollar.
  • The price is now trading nicely above the $66.00 level and the 100 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $63.00 on the 4-hours chart of the LTC/USD pair (data feed from Kraken).
  • The price is likely to continue higher above the $68.00 and $70.00 resistance levels.

Litecoin Price is Surging

In the last technical analysis, we discussed why litecoin could surge above $65.00 against the US Dollar. LTC price did gain momentum and broke many hurdles near $64.00 and $65.00.

The recent upward move was such that the price broke the 76.4% Fib retracement level of the downward move from the $66.60 swing high to $61.07 swing low. Recently, bitcoin and ETH corrected lower, but litecoin remained well bid above the $65.00 level.

The price is now trading nicely above the $66.00 level and the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support near $63.00 on the 4-hours chart of the LTC/USD pair.

Litecoin Price

An initial resistance is near the $67.90 and $68.0 levels. The first major resistance is near the $70.00 level. The stated $70.00 hurdle is also close to the 1.618 Fib extension level of the downward move from the $66.60 swing high to $61.07 swing low. Any further gains could lead the price towards the $72.00 resistance level in the near term.

Dips Limited in LTC?

If litecoin starts a downside correction, it might find a strong buying interest near $65.00. The next major support for the bulls is near the $63.00 level and the highlighted bullish trend line on the hourly chart.

Any further losses may perhaps send the price towards the $60.00 support or the 100 simple moving average (4-hours) in the near term. Below $60.00, the price is likely to move into a bearish zone.

Technical indicators:

4-hours MACD – The MACD is now gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently rising and it is well above the 55 level.

Major Support Levels – $65.00 followed by $63.00.

Major Resistance Levels – $70.00 and $72.00.

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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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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

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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