Litecoin prices started to rally strongly above the $70 / dollar resistance level. LTC is now consolidating and could target more upside above $85.
Litecoin started to rally strongly, trading above $65 and $70 against the dollar. Price is now above $70 and 100 simple moving average (4 h). A major bullish trend line is forming on the 4-hour chart of the LTC/USD pair (data from Kraken) with support near $74.00. Prices would have to break above $83.20 and $84.65 to rise again in the near future.
Litecoin continues to outperform the market
Over the past few days, litecoin has begun a steady rise above $60 against the dollar. LTC prices were able to clear resistance at $65 and $70 to enter the bullish zone.
Bulls have even pushed prices above $80, outperforming bitcoin and Ethereum. However, prices are facing sellers near the $85 area. With a high near $85.08, prices are now consolidating gains.
Litecoin prices are now trading above $70 and the 100-bar simple moving average (4 h). It fell slightly below the 23.6% Fibo retracement from the swing low of $70.57 to the high of $85.08. In addition, a major bullish trend line is forming on the 4-hour chart of the LTC/USD pair, with support near $74.00.
On the bright side, immediate resistance is near $82.00. The first major resistance is near $83.20. The main resistance is near $85. A clear break above the $85 resistance could see prices start to rise strongly. In the above scenario, prices could continue to move higher to the $92 and $95 levels. Any more gains could push ltc prices toward the $100 resistance zone.
Does LTC support Dips?
A downside correction is likely if litecoin fails to break resistance at $82.00. Initial support to the downside is near $80.
The first major support is forming near $77.80. The said level is close to the 50% Fibo retracement from the $70.57 swing low to the $85.08 high. Any further losses could push prices toward support at $74 in the following session.
Technical Indicators:
4-hour MACD — The MACD is slowly losing pace in the bullish zone.
4-hour RSI (Relative Strength Index) — The RSI of LTC/USD is currently above the 50 level.
Key support — $78.00, then $74.00.
Key resistance levels — $82.50 and $85.00.
This is the end of the article, I will do a more careful analysis in the communication group, if you want to join the circle, welcome private message! All information platforms are public accounts – Brick Bear
