💥💥💥 #Litecoin ($LTC ) Jumps 10%: Can the Bulls Fuel a Bigger Rally?
Litecoin Price Gains Momentum, Eyeing $72.80 Breakout
Litecoin is gaining strength above the $70 mark against the US Dollar, with the potential to rise further if it clears the key $72.80 resistance level.
1. Litecoin is showing positive signals, bouncing off the $65 support zone.
2. The price is currently trading above $70 and the 100-hour Simple Moving Average.
3. A key bullish trend line is forming with support near $68 on the hourly chart of the LTC/USD pair (data from Kraken).
4. The price is up over 10% and could continue climbing if it breaks through the $72.80 resistance zone.
Litecoin's Bullish Breakout
- After establishing a base above $65, Litecoin began a fresh rally. It successfully broke through the $68 and $70 resistance levels, entering a positive zone similar to Bitcoin and Ethereum.
- Litecoin surged over 10% to $72.74 and is now consolidating gains, holding above $70 and the 100-hour SMA. A bullish trend line is forming near $68, aligning with the 61.8% Fib retracement from $65.29 to $72.74.
Key Resistance Levels
- On the upside, Litecoin faces immediate resistance near $72. The next major hurdle is $72.80. If LTC breaks above this level, it could trigger another strong rally, with potential targets at $75.50 and $78.00. Continued upward momentum could even push the price toward the $80 resistance zone.
Are Dips Supported?
- If Litecoin fails to clear the $72 resistance, a downside correction could occur. Initial support lies around $71, with the next major support near $69.00. If LTC drops below this, it risks moving toward $67.50. Further losses could see a retreat back to the $65 support zone.
Technical Indicators:
- Hourly MACD: Gaining strength in the bullish zone.
- Hourly RSI: The RSI for LTC/USD is above 60, indicating positive momentum.
- Key Support Levels: $71.00, $67.50.
- Key Resistance Levels: $72.80, $80.00.
Source - newsbtc.com
