Litecoin Rallies 10% As Indicators Expect Another Rally To $70

Litecoin rallies 10% as the indicators expect another rally towards $70 since the price is gaining momentum above the $60.00 against the US dollar. LTC is likely to continue higher towards $70 or $75 in the near-term as we are reading more in the latest Litecoin news.

Litecoin started a strong rally above $55.00 and the $58.00 resistance levels against the US dollar. The price is now trading nicely above the $60 level and the 100 simple moving average with a break above the major bearish trend line with a resistance of $54 on the 4-hour charts of the pair. The bulls seem to be aiming towards a $70 resistance zone as Litecoin rallies 10%.

Over the past week, Bitcoin’s price started a strong rally above $14,000 and the $15,000 but altcoins lacked momentum. However, they started increasing and there was a decent increase in Ethereum and Ripple especially, along with Litecoin against the US dollar. A strong support base was formed close to the $52 level before litecoin’s price started a strong rally. There was a break above the major bearish trend line with resistance close to $54 on the 4-hour charts of the LTC/USD pair.

The pair gained pace above the $55.00 resistance and the 100 simple moving average so it opened the doors for more gains above the $60 level and the price even climbed above the $60.46 swing high. An initial resistance is near the $62.65 level while the fib extension level is set at 1.236 of the downward move from the $60.46 high to $51.06 swing low. if there are more upsides, the price could continue higher towards $70.00. An intermediate resistance could be near the $66.50 or the 1.618 fib extension level from the downward movement from $60.46 high to $51.06 swing low.

If Litecoin fails to go higher above $62.65 resistance or enter the $65 zone, there are more chances of a downside correction. On the downside, the first major support is set at the $60.00 level. the main support is now forming close to the $58.00 level below which there’s a risk of a drop towards the $55.00 support and the 100 simple moving average. The 4-hour MACD for the pair is now in the bullish zone while the 4-hour RSI is rising above the 70 level.