Crypto News

Charted: Litecoin Bullish Breakout Suggests Larger Rally To $90

Litecoin price is up over 5% and it broke the main $80.00 resistance against the US Dollar. LTC is showing positive signs and it could continue to rally towards $90.00 or $95.00.

  • Litecoin started a strong increase above the $74.00 and $75.00 resistance levels against the US Dollar.
  • The price broke the main $80.00 resistance and settled above the 100 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $80.60 on the 4-hours chart of the LTC/USD pair (data feed from Kraken).
  • The price is consolidating above the trend line and it could continue higher above $82.00.

Litecoin Price Smashes Key Resistance

In the past two days, there was a fresh increase in bitcoin, Ethereum, ripple and litecoin against the US Dollar. LTC price formed a decent support base near the $70.00 level before starting a fresh increase.

It broke the $74.00 and $75.00 resistance levels to move into a positive zone. More importantly, the price broke the main $80.00 resistance and settled above the 100 simple moving average (4-hours). The price climbed above the 50% Fib retracement level of the downward move from the $92.69 swing high to $69.88 swing low.

There was also a break above a major bearish trend line with resistance near $80.60 on the 4-hours chart of the LTC/USD pair. Litecoin is now consolidating above the trend line, $80.00, and the 100 simple moving average (4-hours).

Litecoin Price

Source: LTCUSD on TradingView.com

On the upside, the price is facing hurdles near the $84.40 and $85.00 levels. The 61.8% Fib retracement level of the downward move from the $92.69 swing high to $69.88 swing low is also near $84.00.

A successful break above the $84.00 and $85.00 resistance levels could initiate a fresh increase. The next major resistance is near the $90.00 level, above which the bulls could aim a test of $95.00.

Dips Supported in LTC?

It seems like litecoin is holding gains above the trend line and the $80.00 zone. If there is a downside break below the $80.00 support and the 100 simple moving average (4-hours), there could be a fresh decline.

The next major support is near the $76.00 level. Any further losses may perhaps send the price towards the $72.50 support in the coming sessions.

Technical indicators:

4-hours MACD – The MACD is slowly losing momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently correcting lower from the 65 level.

Major Support Levels – $80.00 followed by $76.00.

Major Resistance Levels – $84.00 and $85.00.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of CoinChapter and CoinChapter does not assume any responsibility or liability for the same.

(This story has not been edited by CoinChapter staff and is auto-generated from a syndicated feed.)
0 Comments
Inline Feedbacks
View all comments
CoinChapter

Founded in 2015, Coinchapter.com has become one of the leading resources for the crypto asset community. Created by a small group of cryptocurrency enthusiasts, Coinchapter.com was built to provide new members of the crypto asset community with unbiased listings of cryptocurrency exchanges and retail options that would allow them to buy the crypto assets that they wanted, how they wanted and at the price they wanted.

Related Crypto News

Craig Wright Suing Bitcoin Developers Over $5 Billion In Stolen BTC
Craig Wright is targeting Bitcoin developers in his latest lawsuit within the industry. Wright is suing the developers requesting...
Swiss Private Bank Bordier & Cie SCmA To Offer Crypto Services To Its Customers
Leading Swiss bank Bordier & Cie SCmA will soon be entering the crypto market space. The private bank announced...
Grayscale Loses $4.1 Billion In Crypto Following Bitcoin Price Drop
Grayscale losses big as Bitcoin price dropped down to the $44,900 range. Grayscale total amount of crypto assets under...
Binance’s BNB Coughs Out Massive Intraday Gains as Bitcoin Recovers
BNB pared a huge portion of the losses it faced earlier this week amid a broader recovery across the...
Brave To Add DEX Aggregator, NTF Wallet In Next Browser
Privacy-focused web browser Brave plans to launch a new NFT wallet that will integrate DEX aggregator with non-fungible token...
MicroStrategy Purchases Additional 19,452 Bitcoin Valued At Over $1 Billion
Business intelligence firm MicroStrategy announced that it has increased its Bitcoin holdings by 27% after purchasing an additional 19,452...

Featured Crypto News

Craig Wright Suing Bitcoin Developers Over $5 Billion In Stolen BTC
Craig Wright is targeting Bitcoin developers in his latest lawsuit within the industry. Wright is suing the developers requesting...
Swiss Private Bank Bordier & Cie SCmA To Offer Crypto Services To Its Customers
Leading Swiss bank Bordier & Cie SCmA will soon be entering the crypto market space. The private bank announced...
Grayscale Loses $4.1 Billion In Crypto Following Bitcoin Price Drop
Grayscale losses big as Bitcoin price dropped down to the $44,900 range. Grayscale total amount of crypto assets under...
Binance’s BNB Coughs Out Massive Intraday Gains as Bitcoin Recovers
BNB pared a huge portion of the losses it faced earlier this week amid a broader recovery across the...
Brave To Add DEX Aggregator, NTF Wallet In Next Browser
Privacy-focused web browser Brave plans to launch a new NFT wallet that will integrate DEX aggregator with non-fungible token...
MicroStrategy Purchases Additional 19,452 Bitcoin Valued At Over $1 Billion
Business intelligence firm MicroStrategy announced that it has increased its Bitcoin holdings by 27% after purchasing an additional 19,452...