A Litecoin bullish case is preparing the altcoin for a rally towards $70 after it started a recovery wave from the $53.50 levels against the US dollar as we are reading in today’s Litecoin news.
The price is trading nicely above the $60.00 level and the 100 simple moving average while braking above the major bearish trend line with a resistance close to the $58.00 on the 4-hour chart of the LTC/USD pair. The bulls are aiming for a larger upward move towards $68.00 and the $70.00 levels. Litecoin’s price is gaining momentum above the $60.00 against the US dollar as LTC is likely to continue higher to the $68 and $70 as long as it stays above $58.00.
After the steady decline, there was also a recovery wave for ETH and BTC against the US dollar as well as LTC which performed well and surged more than 5% in the past few sessions. Litecoin’s price formed a support base above the $55 level and started a steady recovery wave above the $60.00 with a clear break above the 50% Fib retracement level of the downward move to $68 high to the $53.64 low. There was also another break above the major bearish trend line close to the $58.00 resistance on the 4-hour charts for the pair as it is trading nicely above the $60.00 level in the 100 simple moving average zones.
The initial resistance is close to the $63 level and the 61% fib retracement level from the downward movement of the $68.92 high to the $53.64 low. If there’s another clear break above the $63.00 the price will rise steadily to the $65 level. The main resistance is close to the $68.00 level and the $70.00 level as well while the Litecoin bullish case prepares to test the $70.00 resistance level.
If the asset fails to continue above the said level, there are a few chances of a downside correction. The first major support will be close to the $60 level and the 100 simple moving average. The next key support level is close to the $58 level below which there’s also a huge risk of fresh decline towards the $54 and the $53 support levels. The MACD for the pair is also in the bullish zone while the 4-hour RSI for LTC/USD is correcting lower from the 70 levels.
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