Litecoin price rose over 10%, breaking the $ 80.00 resistance against the US dollar. LTC consolidates gains and falls should be capped below $ 78.00 and $ 76.50, respectively.
- Litecoin saw a sharp surge against the US dollar above the $ 75.00 and $ 80.00 levels.
- The price hit a new monthly high near $ 84.12 and was above the simple moving average of 100 (4 hours).
- On the 4-hour chart of the LTC / USD pair (data feed from Kraken) there was a break above a contracting triangle with resistance near USD 75.10.
- Price could correct in the short term, but the bulls are likely to remain active near $ 78.00 and $ 76.50.
Litecoin price rises another 10%
In the past few days there has been a sharp surge in Bitcoin, Ethereum, Ripple and Litecoin against the US dollar. LTC price recently outperformed with a strong rally above the USD 75.00 resistance level.
The bulls gained strength causing a break above the $ 80.00 resistance level. The price rose over 10% and even broke the $ 82.00 resistance. There was also a break above a contracting triangle with resistance near USD 75.10 on the 4-hour chart for the LTC / USD pair.
Litecoin price hit a new monthly high near $ 84.12 and was above the simple moving average of 100 (4 hours). It is now consolidating profits above the $ 80.00 level. Initial support is near the USD 80.40 level. It is close to the 23.6% fib retracement level of the recent surge from the $ 68.35 low to $ 84.12.
Source: LTCUSD on TradingView.com
On a longer decline, the price could test the $ 76.50 support level (the most recent breakout zone). The 50% fib retracement level of the recent rise from the swing low of $ 68.35 to $ 84.12 is also close to $ 76.24.
On the upside, the $ 83.50 and $ 84.00 levels are immediate hurdles. The main resistance is at $ 85.00, above which the price could rise towards $ 90.00.
Dips supported in LTC?
It seems like dips in Litecoin may be capped below the $ 80.00 level. Initial support is at $ 78.0, but the main buy zone is likely to form near the $ 76.50 level.
Further losses could potentially send price toward the $ 72.00 support. The next big support is near a connecting bullish trendline at $ 68.30 on the same chart.
4 Hour MACD – The MACD is slowly losing momentum in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for LTC / USD is currently correcting from 70.
Major support levels – $ 78.00 followed by $ 76.50.
Main Resistance Levels – $ 85.00 and $ 90.00.