Charted: Litecoin Surges Above $65, Why It Could Test $70-$72

Litecoin price is gaining momentum above $65.00 against the US Dollar. LTC is likely to continue higher towards the $70.00 and $72.00 resistance levels in the near term.

  • Litecoin remained well bid and surpassed the $65.00 resistance zone against the US Dollar.
  • The price is now trading nicely above the $66.00 level and the 100 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $63.00 on the 4-hours chart of the LTC/USD pair (data feed from Kraken).
  • The price is likely to continue higher above the $68.00 and $70.00 resistance levels.

Litecoin Price is Surging

In the last technical analysis, we discussed why litecoin could surge above $65.00 against the US Dollar. LTC price did gain momentum and broke many hurdles near $64.00 and $65.00.

The recent upward move was such that the price broke the 76.4% Fib retracement level of the downward move from the $66.60 swing high to $61.07 swing low. Recently, bitcoin and ETH corrected lower, but litecoin remained well bid above the $65.00 level.

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The price is now trading nicely above the $66.00 level and the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support near $63.00 on the 4-hours chart of the LTC/USD pair.

Charted: Litecoin Surges Above $65, Why It Could Test $70-$72

An initial resistance is near the $67.90 and $68.0 levels. The first major resistance is near the $70.00 level. The stated $70.00 hurdle is also close to the 1.618 Fib extension level of the downward move from the $66.60 swing high to $61.07 swing low. Any further gains could lead the price towards the $72.00 resistance level in the near term.

Dips Limited in LTC?

If litecoin starts a downside correction, it might find a strong buying interest near $65.00. The next major support for the bulls is near the $63.00 level and the highlighted bullish trend line on the hourly chart.

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Any further losses may perhaps send the price towards the $60.00 support or the 100 simple moving average (4-hours) in the near term. Below $60.00, the price is likely to move into a bearish zone.

Technical indicators:

4-hours MACD – The MACD is now gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently rising and it is well above the 55 level.

Major Support Levels – $65.00 followed by $63.00.

Major Resistance Levels – $70.00 and $72.00.

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