Litecoin Price Bulls Keeps Pushing, Why LTC Could Outpace BTC and ETH

Key Takeaways:

  • Litecoin price remained well supported and climbed above $60.
  • LTC/USD is trading above a major bullish trend line with support at $60.50 on the 4-hours chart.
  • The price could gain bullish momentum if it clears the $64.00 resistance zone.
Litecoin Price Bulls Keeps Pushing, Why LTC Could Outpace BTC and ETH
Litecoin(LTC) Price Outperforms | Photo by Kanchanara on Unsplash

Litecoin(LTC) price is showing positive signs above the $60 level. LTC/USD bulls seem to be aiming more upsides above the $64 and $65 levels.

Litecoin(LTC) Price Outperforms

After a strong decline, litecoin(LTC) price found support near the $48 zone against the US Dollar. LTC/USD traded as low as $47.63 and started a strong recovery wave.

Litecoin was able to outperform bitcoin, ethereum and other major altcoins. It trimmed most gains and was able to settle above the $55 resistance zone. There was a clear move above the 50% Fib retracement level of the downward move from the $73.30 swing high to $47.63 low.

Litecoin price 4-hours chart

Litecoin(LTC) price 4-hours chart | Source: LTCUSD on TradingView.com

The price is now trading above the $60 pivot level and the 50 simple moving average (4-hours, blue). The current price action suggests the bulls are in control and they might aim more upsides.

On the upside, an immediate resistance is near the $63.00. The first major resistance is near the $63.50 level. It is close to the 61.8% Fib retracement level of the downward move from the $73.30 swing high to $47.63 low.

The next major resistance is near the $68 zone. A clear move above the $68 level might send the price further higher. In the stated case, the price could rise steadily towards the $75 resistance. Any more gains could set the pace for a test of the $80 resistance.

Dips Limited?

If there is no upside break above $64, the price could start a downside correction. The first major support is near the $60.50 and $60.00 levels. There is also a major bullish trend line forming with support at $60.50 on the 4-hours chart.

The next crucial support sits near the $59 level and the 50 simple moving average (4-hours, blue). A clear move below the $59 support could trigger a sharp decline. In the stated case, the price may perhaps decline towards the $55 zone.

Overall, litecoin price is showing positive signs above the $60 level and 50 simple moving average (4-hours, blue). A close above the $64 level could pump the price towards $75 or even $88. Conversely, the price might start a fresh decline towards the $55 support.

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