Litecoin Price Holds Strong at $60: A Bullish Case For Rally To $70

Aayush Jindal

1 year ago

2 mins read

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Litecoin started a steady recovery wave from the $53.50 and $54.00 support levels against the US Dollar.
The price is now trading nicely above the $60.00 level and the 100 simple moving average (4-hours).
There was a break above a major bearish trend line with resistance near $58.00 on the 4-hours chart of the LTC/USD pair (data feed from Kraken).
The bulls seem to be aiming a larger upward move towards the $68.00 and $70.00 levels.

Litecoin price is gaining momentum above $60.00 against the US Dollar. LTC is likely to continue higher towards $68.00 or $70.00 as long as it is above $58.00.

Litecoin Price is Rising Steadily

After a steady decline, there was a recovery wave in bitcoin, Ethereum, ripple and litecoin against the US Dollar. Both ETH and LTC performed really well, and surged more than 5% in the past few sessions.

Litecoin price formed a support base above $55.00 and started a steady recovery wave above $60.00. There was a clear break above the 50% Fib retracement level of the downward move from the $68.92 high to $53.64 low.

Moreover, there was a break above a major bearish trend line with resistance near $58.00 on the 4-hours chart of the LTC/USD pair. The pair is now trading nicely above the $60.00 level and the 100 simple moving average (4-hours).

Litecoin price above $60.00. Source: TradingView.com

An initial resistance is near the $63.00 level. It is close to the 61.8% Fib retracement level of the downward move from the $68.92 high to $53.64 low. If there is a clear break above $63.00, the price might rise steadily towards the $65.00 level.

The main resistance is near the $68.00 level and $70.00 handle. The bulls are likely to target a test of the $70.00 resistance in the coming sessions.

Dips Likely Supported in LTC

If litecoin fails to continue above the $638.00 resistance, there are chances of a downside correction. On the downside, the first major support is near the $60.00 level and the 100 simple moving average (4-hours).

The next key support is near the $58.00 level, below which there is a risk of a fresh decline towards the $54.00 and $53.50 support levels.

Technical indicators:

4-hours MACD – The MACD is showing positive signs 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 – $60.00 followed by $58.00.

Major Resistance Levels – $68.00 and $70.00.

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.

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.
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