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

Litecoin value is gaining momentum above $65.00 in opposition to the US Dollar. LTC is more likely to proceed greater in the direction of the $70.00 and $72.00 resistance ranges within the close to time period.

  • Litecoin remained nicely bid and surpassed the $65.00 resistance zone in opposition to the US Dollar.
  • The value is now buying and selling properly above the $66.00 degree and the 100 easy shifting common (4-hours).
  • There is a serious bullish development line forming with help close to $63.00 on the 4-hours chart of the LTC/USD pair (information feed from Kraken).
  • The value is more likely to proceed greater above the $68.00 and $70.00 resistance ranges.

Litecoin Price is Surging

In the final technical evaluation, we mentioned why litecoin might surge above $65.00 in opposition to the US Dollar. LTC value did acquire momentum and broke many hurdles close to $64.00 and $65.00.

The current upward transfer was such that the worth broke the 76.4% Fib retracement degree of the downward transfer from the $66.60 swing excessive to $61.07 swing low. Recently, bitcoin and ETH corrected decrease, however litecoin remained nicely bid above the $65.00 degree.

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The value is now buying and selling properly above the $66.00 degree and the 100 easy shifting common (4-hours). There can also be a serious bullish development line forming with help close to $63.00 on the 4-hours chart of the LTC/USD pair.

An preliminary resistance is close to the $67.90 and $68.zero ranges. The first main resistance is close to the $70.00 degree. The said $70.00 hurdle can also be near the 1.618 Fib extension degree of the downward transfer from the $66.60 swing excessive to $61.07 swing low. Any additional positive factors could lead on the worth in the direction of the $72.00 resistance degree within the close to time period.

Dips Limited in LTC?

If litecoin begins a draw back correction, it would discover a robust shopping for curiosity close to $65.00. The subsequent main help for the bulls is close to the $63.00 degree and the highlighted bullish development line on the hourly chart.

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Any additional losses could maybe ship the worth in the direction of the $60.00 help or the 100 easy shifting common (4-hours) within the close to time period. Below $60.00, the worth is more likely to transfer right into a bearish zone.

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 nicely above the 55 degree.

Major Support Levels – $65.00 adopted by $63.00.

Major Resistance Levels – $70.00 and $72.00.

EditorialTeam

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