Technicals Specify Push To $80 Says Litecoin Could Be Next for Upsurge

ByRitwik

Litecoin in progress a steady upsurge above the $50.00 & $60.00 resistance levels in contrast to the US Dollar. The price traded as high as $68.92 & it is presently correcting gains. There is a central bullish trend line establishing with support near $65.20 on the 4-hours chart of the LTC/USD pair (data feed from Kraken). A vibrant break above $70.00 might open the doors for a push towards the $80.00 resistance. Litecoin price is in advance momentum overhead $65.00 against the US Dollar. LTC is likely to remain sophisticated to $75.00 or $80.00, similar to bitcoin & Ethereum.

Litecoin Value is Following Uptrend

In the previous few days, Litecoin price underway a steady upsurge above the $55.00 resistance against the US Dollar. LTC price even established above the $65.00 resistance & the 100 simple moving average (4-hours). A fresh monthly high is fashioned near $68.92 & the price is presently correcting gains. There was a break below the $67.00 level. The price even traded below the 23.6% Fib retracement level of the recent rising move from the $58.13 swing low to $68.92 high.

On the disadvantage, there is robust support forming near the $65.20 & $65.00 levels. There is also a crucial bullish trend line forming with support near $65.20 on the 4-hours chart of the LTC/USD pair. If there is a bearish breakdown under the trend line, the value could test the $63.50 sustenance. It is near to the 50 percent Fib retracement level of the new upward move from the $58.13 swing low to $68.92 high. On the advantage, the worth is facing a slight obstacle near the $68.00 level. A definite break above the $68.00 resistance could spark a fresh run above the $70.00 resistance. The next chief hurdle for the bulls is adjacent to the $80.00 level. An intermediate resistance is near the $75.50 level.

Dips Likely Braced in LTC

If Litecoin fails to remain overhead the $68.00 resistance, there are chances of a downside correction. On the downside, the first chief sustenance is near the trend line & $65.00. The subsequent crucial support is near the $63.50 level, under which there is a risk of a protracted decline in the direction of the $60.00 handle in the approaching sessions.

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