Charted: Litecoin Rallies 10%, Indicators Suggest Rally To $70

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Charted: Litecoin Rallies 10%, Indicators Suggest Rally To $70

Litecoin cost is getting momentum above $6000 versus the United States Dollar. LTC is most likely to continue greater (comparable to bitcoin) towards $7000 or $7500 in the near term.

  • Litecoin began a strong rally above the $5550 and $5800 resistance levels versus the United States Dollar.
  • The cost is now trading perfectly above the $6000 level and the 100 easy moving typical (4-hours).
  • There was a break above a significant bearish pattern line with resistance near $5400 on the 4-hours chart of the LTC/USD set (information feed from Kraken).
  • The bulls appear to be intending a bigger rally towards the $7000 resistance zone.

Litecoin Cost is Getting Bullish Momentum

Today, bitcoin cost began a strong rally above $14,00 0 and $15,00 0, however altcoins did not have momentum. Nevertheless, they began getting momentum, and just recently, there was a good boost in Ethereum, ripple and litecoin versus the United States Dollar.

A strong assistance base was formed near $5200 prior to litecoin cost began a strong rally. There was a break above a significant bearish pattern line with resistance near $5400 on the 4-hours chart of the LTC/USD set.

The set got speed above the $5500 resistance and 100 easy moving typical (4-hours). It unlocked for more gains above the $6000 resistance and the cost even climbed up above the $6046 swing high. A preliminary resistance is near the $6265 level.

Litecoin Price

 Source: LTCUSD on TradingView.com

The 1.236 Fib extension level of the down relocation from the $6046 high to $5106 swing low is likewise near the $6268 level. If there are more benefits, the cost is most likely to continue greater towards the $7000 resistance.

An intermediate resistance might be near $6650 or the 1.618 Fib extension level of the down relocation from the $6046 high to $5106 swing low.

Dips Likely Minimal in LTC

If litecoin stops working to continue above the $6265 resistance or the $6500 zone, there are possibilities of a disadvantage correction. On the drawback, the very first significant assistance is near the $6000 level.

The primary assistance is now forming near the $5800 level, listed below which there is a danger of a drop towards the $5500 assistance and the 100 easy moving typical (4-hours).

Technical signs:

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

4-hours RSI (Relative Strength Index)– The RSI for LTC/USD is presently increasing and it is well above the 70 level.

Significant Assistance Levels– $6000 followed by $5800

Significant Resistance Levels– $6265 and $6650

Aayush Jindal Read More.