Litecoin (LTC) Price Analysis: Dips Remain Attractive To The Bulls
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.