Litecoin Price Gains Momentum Above $65, Testing $70 Next

The Litecoin price gains momentum above the $65 price range and will not likely continue to test the $70 and $72 levels next in the near-term. LTC remained well bid and even surpassed the $65 resistance zone against the US dollar and is now trading above the $66 level with the 100 simple moving average as we read in our Litecoin latest news today.

The price is now trading above the $66 level and the 100 simple moving average with a major bullish trend line forming near the $63 on the 4-hour charts of the pair. The price will likely continue higher above the $68 price range and the $70 resistance levels. In the last technical analysis, we explained that Litecoin could skyrocket above $65 against the US dollar as the price didn’t gain momentum and broke many key hurdles near $64 and $65. The recent upward movement was such that the price surpassed the 76% fib retracement level from the downward move near the $66 swing high to the $61 swing low. Recently, ETH and BTC corrected lower but LTC remained above the $65 level.

The price started trading nicely above the $66 level and the 100 simple moving average with a major bullish trend line forming at the $63 support level on the 4-hour charts of the LTC/USD pair. The initial resistance is getting close to the $67 level with a major resistance wall near the $70 price range. The hurdle is also close to the 1.618 fib extension level of the downward movement from the $66.60 swing high to the $61.07 swing low. more gains could lead Litecoin’s price into the $72 resistance level in the near-term.

If the Litecoin price gains momentum even further, it could find a strong buying interest close to the $65.00 level. The next major support for the bulls is nearing the $63.00 level and the outlined bullish trend line on the charts. further losses could send the price towards $60 in the near-term while below it the price could move into a bearish zone. The 4-hour MACD is gaining momentum in the bullish zone while the 4-hour RSI is rising and is now above the 55 levels. The major support levels are set at $65 and 63 while the major resistance ones are set at $70 and $72.