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Litecoin

Charted: Litecoin Prints Bullish Breakout, Why LTC Could Surpass $65

Litecoin worth is gaining momentum above $62.00 towards the US Dollar. LTC is prone to proceed greater (just like bitcoin), and it might even break the $65.00 resistance within the close to time period.

  • Litecoin shaped a robust assist base close to $57.00 and began a recent enhance towards the US Dollar.
  • The worth is now buying and selling properly above the $60.00 degree and the 100 easy shifting common (4-hours).
  • There was a break above a serious contracting triangle with resistance close to $60.00 on the 4-hours chart of the LTC/USD pair (knowledge feed from Kraken).
  • The worth is prone to proceed greater above the $64.00 and $65.00 resistance ranges.

Litecoin Price Starts Fresh Increase

This week, bitcoin worth gained tempo above the $15,500 and $16,000 resistance degree, sparking optimistic strikes in altcoins. Litecoin carried out rather well, and it began an honest upward transfer after forming a assist base close to the $57.00 degree.

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LTC worth broke the $58.50 and $60.00 resistance ranges to maneuver right into a optimistic zone. There was a break above the 50% Fib retracement degree of the downward transfer from the $64.92 swing excessive to $57.00 swing low.

Moreover, there was a break above a serious contracting triangle with resistance close to $60.00 on the 4-hours chart of the LTC/USD pair. Litecoin worth is now buying and selling properly above the $60.00 degree and the 100 easy shifting common (4-hours).

Source: LTCUSD on TradingView.com

An speedy resistance is close to the $63.00 degree or the 76.4% Fib retracement degree of the downward transfer from the $64.92 swing excessive to $57.00 swing low. The first main resistance is close to the $64.00 degree.

The fundamental resistance is close to the $65.00 degree. A profitable break and shut above the $65.00 resistance might maybe open the doorways for an honest enhance in the direction of the $70.00 resistance.

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Dips Likely Limited in LTC

If litecoin fails to proceed above the $63.00 resistance or the $65.00 zone, there are possibilities of a draw back correction. On the draw back, the primary main assist is close to the $60.00 area (the current breakout zone).

The fundamental assist is now forming close to the $57.00 degree and the 100 easy shifting common (4-hours), beneath which the value might take a look at $55.00.

Technical indicators:

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

4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is at the moment rising and it’s properly above the 50 degree.

Major Support Levels – $60.00 adopted by $57.00.

Major Resistance Levels – $63.00 and $65.00.

EditorialTeam

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