Litecoin price continues recovering with its all-time high level in sight after breaking above $60.00. Will LTC/USD close above the $70.00 too and keep its steam up?
Litecoin Taking over Weekend against the US dollar
As explained in the previous Litecoin price press, it was of great importance for the value to overcome the hurdle against the $60.00 mark that has been going on for some time. In the past it did act many times as the main support for any significant sharp fall. With this weeks development, ‘the Silver coin’ has appreciated itself a new trading ground with the hope it will keep maintaining it.
For almost a monthly-long run there was no trade recommendation on Litecoin as it floated in the same manner with no change at all. However, now the pair LTC/USD on Oct 15 has gained 17.08 percent only in a day making it up to $69.90. It is 15% ahead of the Bitcoin market despite BTC’s gain lately.
Of course there will be correction and dips to be expected because of the major price surge, so buyers should wait for the lows to gain from any close over resistances.
For the moment – all signs are indicating that in the event that LTC price moves above the $70.00 level, the particular mark will turn into a support and open doors for more gain. However, if the value does not succeed there should not be room for much fear as most important supports wait around $65.00 and then the psychological $60.00.
[Litecoin price movement chart prediction on the green-stopping line are approximate predicted routes with no guarantee of the real outcome.]
So in conclusion, there are two supporting trend lines waiting if a dip is experienced on the LTC hourly chart or in a rally the price will move higher and the resistance trend line will keep the price up.
- Major resistance – $70.00
- Major Supports – approx $65.00 and $60.00