Litecoin Cost Holds Strong at $60: A Bullish Case For Rally To $70

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Litecoin Cost Holds Strong at $60: A Bullish Case For Rally To $70
  • Litecoin began a consistent healing wave from the $5350 and $5400 assistance levels versus the United States Dollar.
  • The rate is now trading perfectly above the $6000 level and the 100 basic moving typical (4-hours).
  • There was a break above a significant bearish pattern line with resistance near $5800 on the 4-hours chart of the LTC/USD set (information feed from Kraken).
  • The bulls appear to be intending a bigger upward relocation towards the $6800 and $7000 levels.

Litecoin rate is getting momentum above $6000 versus the United States Dollar. LTC is most likely to continue greater towards $6800 or $7000 as long as it is above $5800

Litecoin Cost is Increasing Gradually

After a consistent decrease, there was a healing wave in bitcoin, Ethereum, ripple and litecoin versus the United States Dollar. Both ETH and LTC carried out actually well, and rose more than 5% in the previous couple of sessions.

Litecoin rate formed an assistance base above $5500 and began a consistent healing wave above $6000 There was a clear break above the 50% Fib retracement level of the down relocation from the $6892 high to $5364 low.

Additionally, there was a break above a significant bearish pattern line with resistance near $5800 on the 4-hours chart of the LTC/USD set. The set is now trading perfectly above the $6000 level and the 100 basic moving typical (4-hours).

Litecoin Price

 Litecoin rate above $6000 Source: TradingView.com

A preliminary resistance is near the $6300 level. It is close to the 61.8% Fib retracement level of the down relocation from the $6892 high to $5364 low. If there is a clear break above $6300, the rate may increase progressively towards the $6500 level.

The primary resistance is near the $6800 level and $7000 manage. The bulls are most likely to target a test of the $7000 resistance in the coming sessions.

Dips Likely Supported in LTC

If litecoin stops working to continue above the $63800 resistance, there are opportunities of a drawback correction. On the disadvantage, the very first significant assistance is near the $6000 level and the 100 basic moving typical (4-hours).

The next essential assistance is near the $5800 level, listed below which there is a danger of a fresh decrease towards the $5400 and $5350 assistance levels.

Technical indications:

4-hours MACD– The MACD is revealing favorable check in the bullish zone.

4-hours RSI (Relative Strength Index)– The RSI for LTC/USD is presently remedying lower from the 70 level.

Significant Assistance Levels– $6000 followed by $5800

Significant Resistance Levels– $6800 and $7000

Aayush Jindal Read More.