Litecoin worth remained nicely bid above the $60 assist zone towards the US Greenback. LTC is rising and may try a contemporary rally above the $70 degree.
Litecoin began a contemporary decline beneath $80 assist towards the US Greenback.
The worth is now buying and selling beneath $70 and the 100 easy transferring common (4-hours).
There’s a key bearish development line forming with resistance close to $70.50 on the 4-hours chart of the LTC/USD pair (information feed from Kraken).
The worth may begin an honest enhance if there’s a clear transfer above the $72 resistance.
Litecoin Value Eyes Upside Break
Earlier this month, litecoin worth noticed a gradual decline from nicely above the $80 degree towards the US Greenback. LTC worth declined beneath the $75 assist zone to maneuver right into a bearish zone, just like bitcoin and ethereum.
The worth gained tempo beneath the $70 assist and the 100 easy transferring common (4-hours). A low was fashioned close to $61.02 and the value is now making an attempt a restoration wave. There was an honest upside correction above the $63 and $65 ranges.
There was a transfer above the 23.6% Fib retracement degree of the important thing decline from the $79.80 swing excessive to $61.02 low. The worth is now buying and selling close to the $70 resistance and 100 easy transferring common (4-hours).
On the upside, a direct resistance is close to the $70.00 degree. There’s additionally a key bearish development line forming with resistance close to $70.50 on the 4-hours chart of the LTC/USD pair. The development line is close to the 50% Fib retracement degree of the important thing decline from the $79.80 swing excessive to $61.02 low.
Litecoin Value
Supply: LTCUSD on TradingView.com
If there’s a clear break above the $70.50 resistance, the value may begin a powerful enhance. Within the said case, the value is prone to proceed larger in direction of the $72 and $75 ranges. Any extra good points may ship ltc worth in direction of the $80 resistance zone.
Contemporary Decline in LTC?
If Litecoin worth fails to clear the $70.00 resistance degree, there could possibly be a contemporary decline. An preliminary assist on the draw back is close to the $65.50 degree.
The primary main assist is forming close to the $64.00 degree. Any additional losses could maybe ship the value in direction of the $60.00 assist within the coming periods.
Technical indicators:
4-hours MACD – The MACD is slowly gaining tempo within the bullish zone.
4-hours RSI (Relative Power Index) – The RSI for LTC/USD is above the 50 degree.
Main Help Ranges – $65.50 adopted by $60.00.
Main Resistance Ranges – $70.00 and $75.00.
