Litecoin (LTC) has been gaining momentum, climbing above the $70 mark against the US Dollar. With resistance looming at $72.80, a breakout could lead to further gains.
Litecoin Price Gains Strength Above $70
After establishing support above $65, Litecoin started to rise. It successfully broke past resistance levels at $68 and $70, moving into positive territory. This price action mirrors the recent gains seen in Bitcoin and Ethereum.
LTC has gained over 10%, briefly surpassing $72, with a high of $72.74. As of now, the price is consolidating its gains and holding steady above the 23.6% Fibonacci retracement level from the $65.29 low to the $72.74 high.
Litecoin remains above $70 and the 100 simple moving average (SMA) on the 4-hour chart. There is also a key bullish trend line forming, with support around $68.00. This trend line is close to the 61.8% Fibonacci retracement level of the recent upward move.
Resistance Levels to Watch
Immediate resistance is near the $72.00 mark, with a more significant hurdle at $72.80. If LTC breaks through this level, it could trigger another strong rally. In this scenario, Litecoin could target the $75.50 and $78.00 levels. Further gains might push LTC toward the $80.00 resistance zone.
Will Litecoin Hold Support on Dips?
If Litecoin fails to break through the $72 resistance, it may face a downside correction. Initial support lies near $71, followed by stronger support at $69.00. A break below $69 could send LTC down to $67.50. If losses continue, the price might even drop to $65.
Technical Indicators
- Hourly MACD: The MACD is gaining momentum in the bullish zone.
- Hourly RSI: The RSI for LTC/USD is above 60, indicating bullish strength.
- Major Support Levels: $71.00, $69.00, and $67.50.
- Major Resistance Levels: $72.80, $75.50, and $80.00.
