The LTC Daily timeframe indicates a strong uptrend to the $65 level as it started a strong upward movement at $41.50 against the US dollar. In our latest Litecoin news, we are reading more about the price analysis.
The price is now trading nicely above the $50.00 level and the 100-day simple moving average with a break above the crucial bearish trend line with resistance at $48.90 on the daily chart of the LTC/USD pair. the bulls seem to be going for another upwards move towards $60 and $65 levels. Litecoin’s price is gaining momentum above $55 and the LTC daily timeframe indicates the trend could continue higher towards $60 and $65 as long as it is above the 100-day SMA.
The crypto market gained traction and there was a strong increase in Ethereum, Bitcoin, and Ripple as well as Litecoin against the US dollar. LTC formed strong support above the $41,50 on the daily timeframe before starting the current increase. There was a clear break above the $48.00 and the $50 level but there’s also a break above the crucial bearish trend line with resistance at $48.90 on the daily chart of the pair.
The pair opened the doors for more upsides above the $52 level and the 100-day simple moving average. Litecoin even increased above the $5 level and is now going for the 50% fib retracement level from the downward move at $69 high to $41 low. The next major resistance is near the $58 level and it is close to the 61% fib retracement level of the downward move at $69.02 high to the $41.68 low. The next key resistance is near the $60 level above which the price could surge towards $65.00 and the $68.00 levels in the near-term. If litecoin fails to continue increasing above the $56 resistance level or the $58.80 zone there are more chances of a downside correction. On the downside, the first support is near the $52 level.
The main support is forming close to the $50.00 level and the 100-day simple moving average which means that more losses could change the trend and the price could dive towards $45 or $41 in the upcoming days. the MACD is showing some positive signs in the bullish zone while the 4-hour RSI is rising and stays well above the 60 levels.
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