- Litecoin began a robust upward transfer from the $41.50 help zone towards the US Greenback.
- The value is now buying and selling properly above the $50.00 stage 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 day by 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 larger in the direction of $60.00 or $65.00 so long as it’s above the 100-day SMA.
Litecoin Worth is Forming Robust Uptrend
Not too long ago, the crypto market gained traction, and there was a robust enhance in bitcoin, Ethereum, ripple and litecoin towards the US Greenback. Earlier, LTC shaped a robust help above the $41.50 on the day by 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 day by day chart of the LTC/USD pair
It opened the doorways for extra upsides above the $52.00 stage and the 100-day easy shifting common. Litecoin even climbed above the $55.00 stage, and it’s now testing the 50% Fib retracement stage of the downward transfer from the $69.02 excessive to $41.68 low.
Supply: LTCUSD on TradingView.com
The subsequent main resistance is close to the $58.80 stage. It’s near the 61.8% Fib retracement stage of the downward transfer from the $69.02 excessive to $41.68 low. The subsequent key resistance is close to the $60.00 stage, 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 Probably 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 stage.
The principle help is now forming close to the $50.00 stage and the 100-day easy shifting common. Any additional losses would possibly change the pattern and the worth would possibly dive in the direction of $45.00 and even $41.50 within the coming days.
4-hours MACD – The MACD is displaying constructive indicators within the bullish zone.
4-hours RSI (Relative Power Index) – The RSI for LTC/USD is at the moment rising and it’s properly above the 60 stage.
Main Assist Ranges – $52.00 adopted by $50.00.
Main Resistance Ranges – $58.80 and $60.00.