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Litecoin Could Be Next In Line For Surge: Technicals Indicate Push To $80

Litecoin Could Be Next In Line For Surge: Technicals Indicate Push To $80

  • Litecoin began a gradual improve above the $50.00 and $60.00 resistance ranges towards the US Dollar.
  • The worth traded as excessive as $68.92 and it’s at present correcting positive factors.
  • There is an important bullish pattern line forming with help close to $65.20 on the 4-hours chart of the LTC/USD pair (information feed from Kraken).
  • A transparent break above $70.00 would possibly open the doorways for a push in direction of the $80.00 resistance.

Litecoin worth is gaining momentum above $65.00 towards the US Dollar. LTC is more likely to proceed larger in direction of $75.00 or $80.00, just like bitcoin and ethereum.

Litecoin Price is Following Uptrend

In the previous few days, litecoin worth began a gradual improve above the $55.00 resistance towards the US Dollar. LTC worth even settled above the $65.00 resistance and the 100 easy shifting common (4-hours).

A brand new month-to-month excessive is shaped close to $68.92 and the worth is at present correcting positive factors. There was a break under the $67.00 degree. The worth even traded under the 23.6% Fib retracement degree of the latest upward transfer from the $58.13 swing low to $68.92 excessive.

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On the draw back, there’s a sturdy help forming close to the $65.20 and $65.00 ranges. There can be an important bullish pattern line forming with help close to $65.20 on the 4-hours chart of the LTC/USD pair.

Litecoin worth above $65.00. Source: TradingView.com

If there’s a bearish break under the pattern line, the worth may check the $63.50 help. It is near the 50% Fib retracement degree of the latest upward transfer from the $58.13 swing low to $68.92 excessive.

On the upside, the worth is going through a minor hurdle close to the $68.00 degree. A profitable break above the $68.00 resistance may spark a recent run above the $70.00 resistance. The subsequent main hurdle for the bulls is close to the $80.00 degree. An intermediate resistance is close to the $75.50 degree.

Dips Likely Supported in LTC

If litecoin fails to proceed above the $68.00 resistance, there are possibilities of a draw back correction. On the draw back, the primary main help is close to the pattern line and $65.00.

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The subsequent key help is close to the $63.50 degree, under which there’s a threat of an prolonged decline in direction of the $60.00 deal with within the coming classes.

Technical indicators:

4-hours MACD – The MACD is slowly shedding tempo within the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is at present correcting decrease from the 75 degree.

Major Support Levels – $65.00 adopted by $63.50.

Major Resistance Levels – $68.00 and $70.00.

EditorialTeam

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