Litecoin (LTC) Jumps 10%: Can the Bulls Fuel a Bigger Rally?
16 Ottobre 2024 - 7:08AM
NEWSBTC
Litecoin price is gaining pace above the $70.00 level against the
US Dollar. LTC could continue to rise if it clears the $72.80
resistance zone. Litecoin is showing positive signs from the $65
support zone against the US Dollar. The price is now trading above
$70 and the 100-hourly Simple Moving Average. There is a key
bullish trend line forming with support at $68.00 on the hourly
chart of the LTC/USD pair (data feed from Kraken). The price is up
over 10% and might continue to rise if it clears the $72.80
resistance zone. Litecoin Price Gains Bullish Momentum After
forming a base above $65, Litecoin started a fresh increase. LTC
price broke the $68 and $70 resistance levels to move into a
positive zone, like Bitcoin and Ethereum. The price gained over 10%
and even cleared the $72 level. A high was formed at $72.74 and the
price is now consolidating gains. It is stable above the 23.6% Fib
retracement level of the upward move from the $65.29 swing low to
the $72.74 high. Litecoin is now trading above $70 and the 100
simple moving average (4 hours). There is also a key bullish trend
line forming with support at $68.00 on the hourly chart of the
LTC/USD pair. The trend line is close to the 61.8% Fib retracement
level of the upward move from the $65.29 swing low to the $72.74
high. On the upside, immediate resistance is near the $72.00 zone.
The next major resistance is near the $72.80 level. If there is a
clear break above the $72.80 resistance, the price could start
another strong increase. In the stated case, the price is likely to
continue higher toward the $75.50 and $78.00 levels. Any more gains
might send LTC’s price toward the $80.00 resistance zone. Are Dips
Supported in LTC? If Litecoin price fails to clear the $72
resistance level, there could be a downside correction. Initial
support on the downside is near the $71.00 level. The next major
support is forming near the $69.00 level, below which there is a
risk of a move toward the $67.50 support. Any further losses may
perhaps send the price toward the $65.00 support. Technical
indicators: Hourly MACD – The MACD is now gaining pace in the
bullish zone. Hourly RSI (Relative Strength Index) – The RSI for
LTC/USD is above the 60 level. Major Support Levels – $71.00
followed by $67.50. Major Resistance Levels – $72.80 and $80.00.
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