Litecoin price is gaining pace above the $70.00 level against the US Dollar. LTC could continue higher if it crosses the $72.80 resistance area.
- Litecoin is showing positive signs from the $65 support area against the US Dollar.
- The price is now trading above the $70 level and the 100 hourly simple moving average.
- There is a major uptrend line forming with support at $68.00 on the hourly chart of the LTC/USD pair (data feed from Kraken).
- The price is up over 10% and may continue higher if it crosses the $72.80 resistance area.
Litecoin price is gaining upward momentum
After forming a base above $65, Litecoin started to rise again. LTC price broke through the $68 and $70 resistance levels to move into a positive zone, like Bitcoin and Ethereum.
The price rose more than 10% and even surpassed the $72 level. The high was formed at $72.74 and the price is now consolidating its gains. It is stable above the 23.6% Fib retracement level of the upward move from the swing low of $65.29 to the swing high of $72.74.
Litecoin is now trading above $70 and the 100 simple moving average (4-hours). There is also a major uptrend line forming with support at $68.00 on the hourly chart of the LTC/USD pair. The trend line is close to the 61.8% Fib retracement level of the upward move from the swing low of $65.29 to the swing high of $72.74.
On the upside, immediate resistance is near the $72.00 area. The next major resistance is near the $72.80 level. If there is a clear break above the $72.80 resistance level, the price could start another strong rally. In the mentioned case, the price is likely to continue rising towards the $75.50 and $78.00 levels. Any further gains could push LTC price towards the $80.00 resistance area.
Are declines supported in LTC?
If Litecoin price fails to cross the $72 resistance level, there could be a downward correction. Initial support on the downside is near the $71.00 level.
The next major support is formed near the $69.00 level, below which there is a risk of a move towards the $67.50 support level. Any further losses could send the price towards the $65.00 support level.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for LTC/USD is above the 60 level.
Key Support Levels – $71.00, followed by $67.50.
Major resistance levels – $72.80 and $80.00.
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