Charted: Litecoin Price Daily Timeframe Indicates Strong Uptrend To $65

  • Litecoin began a powerful upward transfer from the $41.50 help zone towards the US Greenback.
  • The worth is now buying and selling properly above the $50.00 degree and the 100-day easy shifting common.
  • There was a break above an important bearish pattern line with resistance close to $48.90 on the every day chart of the LTC/USD pair (knowledge feed from Kraken).
  • The bulls appear to be aiming a bigger upward transfer in the direction of the $60.00 and $65.00 ranges.

Litecoin value is gaining momentum above $55.00 towards the US Greenback. LTC is more likely to proceed greater in the direction of $60.00 or $65.00 so long as it’s above the 100-day SMA.

Litecoin Price is Forming Strong Uptrend

Just lately, the crypto market gained traction, and there was a powerful enhance in bitcoin, Ethereum, ripple and litecoin towards the US Greenback. Earlier, LTC fashioned a powerful help above the $41.50 on the every day timeframe earlier than staring the present enhance.

There was a transparent break above the $48.00 and $50.00 resistance ranges. There was additionally a break above an important bearish pattern line with resistance close to $48.90 on the every day chart of the LTC/USD pair

It opened the doorways for extra upsides above the $52.00 degree and the 100-day easy shifting common. Litecoin even climbed above the $55.00 degree, and it’s now testing the 50% Fib retracement degree of the downward transfer from the $69.02 excessive to $41.68 low.

Supply: LTCUSD on TradingView.com

The following main resistance is close to the $58.80 degree. It’s near the 61.eight% Fib retracement degree of the downward transfer from the $69.02 excessive to $41.68 low. The following key resistance is close to the $60.00 degree, above which the worth is more likely to surge in the direction of the $65.00 and $68.00 ranges within the close to time period.

Dips Possible Supported in LTC

If litecoin fails to proceed above the $56.00 resistance or the $58.80 zone, there are probabilities of a draw back correction. On the draw back, the primary main help is close to the $52.00 degree.

The primary help is now forming close to the $50.00 degree and the 100-day easy shifting common. Any additional losses may change the pattern and the worth may dive in the direction of $45.00 and even $41.50 within the coming days.

Technical indicators:

Four-hours MACD – The MACD is exhibiting optimistic indicators within the bullish zone.

Four-hours RSI (Relative Power Index) – The RSI for LTC/USD is at present rising and it’s effectively above the 60 degree.

Main Assist Ranges – $52.00 adopted by $50.00.

Main Resistance Ranges – $58.80 and $60.00.

About Tom Greenly

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