Credit: Original article published by newsbtc.

Litecoin price is up over 10% and it broke the $80.00 resistance against the US Dollar. LTC is consolidating gains and dips are likely to be limited below $78.00 and $76.50.

  • Litecoin started a strong increase above the $75.00 and $80.00 levels against the US Dollar.
  • The price traded to a new monthly high near $84.12 and settled above the 100 simple moving average (4-hours).
  • There was a break above a contracting triangle with resistance near $75.10 on the 4-hours chart of the LTC/USD pair (data feed from Kraken).
  • The price could correct in the short-term, but the bulls are likely to remain active near $78.00 and $76.50.

Litecoin Price Rallies Another 10%

In the past few days, there was a strong increase in bitcoin, Ethereum, ripple and litecoin against the US Dollar. LTC price outperformed recently with a major rally above the $75.00 resistance level.

The bulls gained strength, resulting in a break above the $80.00 resistance level. The price climbed over 10% and it even cleared the $82.00 resistance. There was also a break above a contracting triangle with resistance near $75.10 on the 4-hours chart of the LTC/USD pair.

Litecoin price traded to a new monthly high near $84.12 and settled above the 100 simple moving average (4-hours). It is now consolidating gains above the $80.00 level. An initial support is near the $80.40 level. It is close to the 23.6% Fib retracement level of the recent increase from the $Q68.35 swing low to $84.12 high.

Source: LTCUSD on TradingView.com

If there is an extended decline, the price could test the $76.50 support level (the recent breakout zone). The 50% Fib retracement level of the recent increase from the $Q68.35 swing low to $84.12 high is also near $76.24.

On the upside, the $83.50 and $84.00 levels are immediate hurdles. The main resistance is near $85.00, above which the price might surge towards the $90.00 level.

Dips Supported in LTC?

It seems like dips might be limited in litecoin below the $80.00 level. The first support sits at $78.0, but the main buy zone is likely forming near the $76.50 level.

Any further losses may perhaps send the price towards the $72.00 support. The next major support is near a connecting bullish trend line at $68.30 on the same chart.

Technical indicators:

4-hours MACD – The MACD is slowly losing momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently correcting lower from the 70 level.

Major Support Levels – $78.00 followed by $76.50.

Major Resistance Levels – $85.00 and $90.00.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

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