LTC Jumps 10%: Can Bulls Fuel a Bigger Rally?
Litecoin is rising beyond $70.00 versus the US Dollar. LTC may climb if it breaks $72.80 barrier.
Litecoin is making progress versus the US Dollar at $65 support.
The price is over $70 and the 100-hour SMA.
On the hourly LTC/USD chart, a bullish trend line with support at $68.00 is formed.
Over 10% higher, the price may grow if it breaks $72.80 barrier.
Litecoin Price Rises
After stabilizing at $65, Litecoin rose. LTC price broke $68 and $70 barrier to trend positive like Bitcoin and Ethereum.
Price rose over 10% and broke $72. Price is holding gains after hitting $72.74. It remains above the 23.6% Fib retracement line of the $65.29 swing low to $72.74 high upward rise.
Above $70 and the 100 SMA (4 hours), Litecoin is trading. On the hourly LTC/USD chart, a bullish trend line with support at $68.00 is formed. The trend line approaches the 61.8% Fib retracement level of the $65.29 swing low to $72.74 high upward rise.
Resistance at $72.00 is imminent on the upswing. Near $72.80 is the next significant resistance. A decisive break over $72.80 barrier might spark another significant rise. In this situation, the price may rise to $75.50 and $78.00. More advances might push LTC toward $80.00 barrier.
Does LTC Support Dips?
Litecoin may fall if it fails to break $72 resistance. The downside has first support at $71.00.
Near $69.00 is the next key support, below which a decline to $67.50 is possible. Further losses might push the price near $65.00.
The technical indications
The MACD is rising in the positive zone.
Hourly RSI: LTC/USD is over 60.
Major Support Levels: $71.00, $67.50.
Key Resistance Levels: $72.80, $80.00.
