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

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

  • Litecoin began a gentle restoration wave from the $53.50 and $54.00 assist ranges 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 bearish development line with resistance close to $58.00 on the 4-hours chart of the LTC/USD pair (information feed from Kraken).
  • The bulls appear to be aiming a bigger upward transfer in direction of the $68.00 and $70.00 ranges.

Litecoin worth is gaining momentum above $60.00 towards the US Dollar. LTC is more likely to proceed larger in direction of $68.00 or $70.00 so long as it’s above $58.00.

Litecoin Price is Rising Steadily

After a gentle decline, there was a restoration wave in bitcoin, Ethereum, ripple and litecoin towards the US Dollar. Both ETH and LTC carried out rather well, and surged greater than 5% previously few periods.

Litecoin worth shaped a assist base above $55.00 and began a gentle restoration wave above $60.00. There was a transparent break above the 50% Fib retracement degree of the downward transfer from the $68.92 excessive to $53.64 low.

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Moreover, there was a break above a serious bearish development line with resistance close to $58.00 on the 4-hours chart of the LTC/USD pair. The pair is now buying and selling properly above the $60.00 degree and the 100 easy shifting common (4-hours).

Litecoin worth above $60.00. Source: TradingView.com

An preliminary resistance is close to the $63.00 degree. It is near the 61.8% Fib retracement degree of the downward transfer from the $68.92 excessive to $53.64 low. If there’s a clear break above $63.00, the value would possibly rise steadily in direction of the $65.00 degree.

The foremost resistance is close to the $68.00 degree and $70.00 deal with. The bulls are more likely to goal a check of the $70.00 resistance within the coming periods.

Dips Likely Supported in LTC

If litecoin fails to proceed above the $638.00 resistance, there are possibilities of a draw back correction. On the draw back, the primary main assist is close to the $60.00 degree and the 100 easy shifting common (4-hours).

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The subsequent key assist is close to the $58.00 degree, under which there’s a danger of a contemporary decline in direction of the $54.00 and $53.50 assist ranges.

Technical indicators:

4-hours MACD – The MACD is exhibiting constructive indicators within the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is at the moment correcting decrease from the 70 degree.

Major Support Levels – $60.00 adopted by $58.00.

Major Resistance Levels – $68.00 and $70.00.

EditorialTeam

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