LTC outperforms major altcoins with the price being up over 10% and breaking the $80.00 resistance against the US dollar. The coin is now consolidating and dips could be limited below $78 and $76 so let’s read more in today’s Litecoin news.
Litecoin started a strong increase above the $75 level against the US dollar and the price even traded to a new monthly high near $84, settling above the 100 simple moving average. There was also a break above the contracting triangle with the resistance near the $75 level on the 4-hours charts for the pair. The price could even correct further but the bulls will remain active near the $78 and $76. Over the past few days, there was a strong increase in BTC, ETH and Ripple as well as LTC against the US dollar. The price outperformed with a major rally in the $75 resistance level. The bulls were able to gain strength which resulted in a beak above the $80 resistance level.
LTC then increased by 10% and cleared the $82 resistance. There was a break above the contracting triangle with the resistance nearing the $75 level on the 4-hour charts of the pair. Litecoin’s price traded to a new monthly high of $84 and settled above the 100 simple moving average. It is now consolidating the gains above $80 with the initial support nearing the $80.40 level. LTC is now close to the 23.6% fib retracement level from the increase at $68 swing low to $84 swing high. The 50% fib retracement level from the recent increase here is also near the $76 level.
On the upside, the $83.50 and the $84.00 levels are the immediate hurdles while the main resistance is close to $85 above which the price could surge higher. LTC outperforms major altcoins but it seems that the dips could be limited in LTC below the $80 level. the first support is set at $78 but the main buying zone is set at $76. Further losses could lead the price towards the $72 support with the next major support nearing the connecting bullish trend line on the same charts.
The 4-hour MACD for the pair is in the bullish zone while the 4-hour RSI is correcting lower than the 70 levels. the major support levels are set at $78 and $76.50 while the major resistance levels are set at $85.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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