Charted: Litecoin Prints Bullish Breakout, Why LTC Might Go Beyond $65

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Charted: Litecoin Prints Bullish Breakout, Why LTC Might Go Beyond $65

Litecoin cost is getting momentum above $6200 versus the United States Dollar. LTC is most likely to continue greater (comparable to bitcoin), and it might even break the $6500 resistance in the near term.

  • Litecoin formed a strong assistance base near $5700 and began a fresh boost versus the United States Dollar.
  • The cost is now trading well above the $6000 level and the 100 easy moving typical (4-hours).
  • There was a break above a significant contracting triangle with resistance near $6000 on the 4-hours chart of the LTC/USD set (information feed from Kraken).
  • The cost is most likely to continue greater above the $6400 and $6500 resistance levels.

Litecoin Cost Begins Fresh Boost

Today, bitcoin price acquired rate above the $15,500 and $16,00 0 resistance level, stimulating favorable relocations in altcoins. Litecoin carried out truly well, and it began a good upward relocation after forming an assistance base near the $5700 level.

LTC cost broke the $5850 and $6000 resistance levels to move into a favorable zone. There was a break above the 50% Fib retracement level of the down relocation from the $6492 swing high to $5700 swing low.

Furthermore, there was a break above a significant contracting triangle with resistance near $6000 on the 4-hours chart of the LTC/USD set. Litecoin cost is now trading well above the $6000 level and the 100 simple moving average (4-hours).

Litecoin Price

 Source: LTCUSD on TradingView.com

An instant resistance is near the $6300 level or the 76.4% Fib retracement level of the down relocation from the $6492 swing high to $5700 swing low. The very first significant resistance is near the $6400 level.

The primary resistance is near the $6500 level. An effective break and close above the $6500 resistance might maybe unlock for a good boost towards the $7000 resistance.

Dips Likely Minimal in LTC

If litecoin stops working to continue above the $6300 resistance or the $6500 zone, there are opportunities of a disadvantage correction. On the drawback, the very first significant assistance is near the $6000 area (the current breakout zone).

The primary assistance is now forming near the $5700 level and the 100 easy moving typical (4-hours), listed below which the cost might check $5500

Technical signs:

4-hours MACD– The MACD is now getting momentum in the bullish zone.

4-hours RSI (Relative Strength Index)– The RSI for LTC/USD is presently increasing and it is well above the 50 level.

Significant Assistance Levels– $6000 followed by $5700

Significant Resistance Levels– $6300 and $6500

Aayush Jindal Read More.