Litecoin might be next in line for a price surge as the technicals are showing that LTC could soon hit $80 as it started the day steady with an increase above the $50 and $60 resistance levels so let’s find out more in our Litecoin LTC news.
The price traded as high as $68.92 and is now correcting the gains as there’s also a crucial bullish trend line forming with support close to the $65.20 on the 4-hour charts. There’s also a crucial bullish trend line forming with support close to the $62.20 on the charts of the pair and a clear break above the $70 level could mean that Litecoin might be next in line to hit $80. The price is gaining momentum above the $65 against the US dollar and LTC will likely continue higher towards $75 and $80 similarly to ETH and BTC.
Over the past few days, Litecoin’s price started an increase above $55 resistance against the US dollar and the price even settled above the $65 resistance level as well as the 100 simple moving average. The monthly high is formed close to $68.92 and the price is now correcting gains. There was an attempt to break below the $67 level as the price traded below the 23.6% Fib retracement level of the upward move from the $58.13 swing low to the $68.92 high. On the downsides, there’s strong support forming close to the $65 level and there’s also a crucial bullish trend line forming with the support nearing $65 on the charts.
If there’s a bearish break below the trend line, the price could hit the $63 support. It is close to the 50% retracement level form the recent upward move of $58 swing low to the $68.92 high. The price is facing minor hurdles close to the $68 level and a successful break above this resistance could spark another fresh run above $70. The next major hurdle for the bulls is near the $80 level while the intermediate resistance is close to the $75 level.
If litecoin fails to continue above the $68 resistance, there are chances of a downside correction. Looking at the downsides, the first major support is close to the trend line of $65. The next key support is close to the $63 level below which there’s a risk of an extended decline to the $60 price level.
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