Litecoinpriceisgainingpaceabovethe$70.00levelagainsttheUSDollar.LTCcouldcontinuetoriseifitclearsthe$72.80resistancezone.
Litecoinisshowingpositivesignsfromthe$65supportzoneagainsttheUSDollar.
Thepriceisnowtradingabove$70andthe100-hourlySimpleMovingAverage.
Thereisakeybullishtrendlineformingwithsupportat$68.00onthehourlychartoftheLTC/USDpair(datafeedfromKraken).
Thepriceisupover10%andmightcontinuetoriseifitclearsthe$72.80resistancezone.
LitecoinPriceGainsBullishMomentum
Afterformingabaseabove$65,Litecoinstartedafreshincrease.LTCpricebrokethe$68and$70resistancelevelstomoveintoapositivezone,likeBitcoinandEthereum.
Thepricegainedover10%andevenclearedthe$72level.Ahighwasformedat$72.74andthepriceisnowconsolidatinggains.Itisstableabovethe23.6%Fibretracementleveloftheupwardmovefromthe$65.29swinglowtothe$72.74high.
Litecoinisnowtradingabove$70andthe100simplemovingaverage(4hours).Thereisalsoakeybullishtrendlineformingwithsupportat$68.00onthehourlychartoftheLTC/USDpair.Thetrendlineisclosetothe61.8%Fibretracementleveloftheupwardmovefromthe$65.29swinglowtothe$72.74high.
Ontheupside,immediateresistanceisnearthe$72.00zone.Thenextmajorresistanceisnearthe$72.80level.Ifthereisaclearbreakabovethe$72.80resistance,thepricecouldstartanotherstrongincrease.Inthestatedcase,thepriceislikelytocontinuehighertowardthe$75.50and$78.00levels.AnymoregainsmightsendLTC’spricetowardthe$80.00resistancezone.
AreDipsSupportedinLTC?
IfLitecoinpricefailstoclearthe$72resistancelevel,therecouldbeadownsidecorrection.Initialsupportonthedownsideisnearthe$71.00level.
Thenextmajorsupportisformingnearthe$69.00level,belowwhichthereisariskofamovetowardthe$67.50support.Anyfurtherlossesmayperhapssendthepricetowardthe$65.00support.
Technicalindicators:
HourlyMACD–TheMACDisnowgainingpaceinthebullishzone.
HourlyRSI(RelativeStrengthIndex)–TheRSIforLTC/USDisabovethe60level.
MajorSupportLevels–$71.00followedby$67.50.
MajorResistanceLevels–$72.80and$80.00.
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