Litecoin price climbed higher recently after forming support near the $65.00 level against the US dollar. LTC broke the $71.00 level and it is currently trading with a positive bias.
Key Talking Points
- Litecoin price climbed above the $68.00 and $70.00 resistance levels (Data feed of Kraken) against the US Dollar.
- There was a break above a key contracting triangle with resistance near $72.60 on the hourly chart.
- LTC price remains well supported on dips and it is likely to climb above the $75.00 resistance.
Litecoin Price Analysis (LTC)
In the past two sessions, there was a solid comeback by bitcoin, Ethereum, EOS, litecoin and ripple against the US Dollar. Earlier, the LTC/USD pair formed a strong support base near the $65.00 and started a fresh increase.
Looking at the chart, LTC price broke the $68.00 and $70.00 resistance levels to move into a positive zone. The upward move was strong since there was a close above the $70.00 level and the 100 hourly simple moving average.
A new weekly high was formed at $75.05 and the price recently corrected lower. It broke the 23.6% Fib retracement level of the last wave from the $65.02 low to $75.05 high.
However, the $71.40 level acted as a strong support and the price not even tested the 50% Fib retracement level of the last wave from the $65.02 low to $75.05 high. It bounced back above the $72.00 and $72.50 level.
Besides, there was a break above a key contracting triangle with resistance near $72.60 on the hourly chart. It has opened the doors for more gains above the $74.00 and $75.00 levels. The next main resistance is near the $80.00 level.
Overall, litecoin price moved into a bullish zone above the $70.00 and $71.00 levels. If there is another dip, the bulls are likely to defend the $70.00 support area. On the upside, an initial resistance is near the $74.00 level. However, LTC must clear the $75.00 resistance level to start a strong upward move towards the $80.00 level in the near term.
The market d2ata is provided by TradingView.
