Key Takeaways:
- Litecoin’s price is up over 20% and trading above the 0.0032BTC resistance zone.
- LTC/BTC cleared a major bearish trend line with resistance near 0.00340BTC on the daily chart.
- The price could continue to rise if it clears the 0.00376BTC resistance zone.
NEW DELHI (CoinChapter.com) — Litecoin’s LTC started a strong rally from the 0.00275BTC zone. It is consolidating gains and might rally further toward 0.00432 vs. Bitcoin.
Litecoin (LTC) Price Rallies Over 20% Vs. Bitcoin
After retesting the key 0.00275 support zone, Litecoin price started a fresh increase vs. Bitcoin. There was a strong increase in LTC/BTC above the 0.0030 resistance zone.
The bulls were able to pump the price above the 0.0032 resistance. Besides, it cleared a major bearish trend line with resistance near 0.00340BTC on the daily chart. The price settled well above 0.0032 and a 50-day simple moving average (blue).
However, the bulls struggled to clear another major hurdle at 0.00375. A high is formed near 0.00373, and the price is now correcting gains.
There was a drop below the 0.0035 level. Litecoin declined below the 23.6% Fib retracement level of the upward move from the 0.00272BTC swing low to the 0.00373BTC high. However, the LTC price tests strong support near 0.0034 and the same trend line.
The next major support is near the 0.003232 level and the 50-day simple moving average (blue). It is close to the 50% Fib retracement level of the upward move from the 0.00272BTC swing low to the 0.00373BTC high.
A clear move below the 0.003232 support might send the price toward the 0.0031 support. Below this, the price may decline toward the 0.0030 support area. Any more losses could start a major decline toward the key support at 0.00275.
More Upsides?
If Litecoin’s price remains stable above the 50-day simple moving average (blue), there could be a new increase. Immediate resistance on the upside sits at 0.00362.
The next major resistance is near the 0.00375 zone. A clear move above the 0.00375 resistance could start another rally. The price may rise toward the 0.00435 resistance in the stated case. Any more gains might open the doors for a move toward the 0.0045 zone.
Litecoin’s price seems to be consolidating gains above the 0.0033 level versus Bitcoin. If the bulls pump the price above the 0.00362 and 0.00375 levels, LTC could gain bullish momentum. Conversely, there might be a fresh decline toward the 0.003232 support zone or even 0.0030.
