- Litecoin price gained bullish momentum after it broke the key $64.00 resistance area.
- LTC broke a contracting triangle with resistance at $61.50 on the 2-hours chart to move into an uptrend.
- The price surged above the $65.00 and $70.00 levels, with a lot of bullish moves.
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Litecoin Price Analysis (LTC to USD)
Today, there was a sharp rise in bitcoin price above the $4,800 resistance. BTC rallied close to 20%, dragging altcoins like Ethereum, ripple, litecoin, bitcoin cash and EOS to the upside. LTC price started a significant rally above the $64.00 barrier and climbed more than 15%.
Click to Enlarge Chart
Looking at the 2-hours chart of LTC/USD, the pair formed a solid support base above the $60.00 level. Later, it broke the $62.00 resistance and the 25 simple moving average (2-hours) to kick start a significant upward move.
Besides, the price broke a contracting triangle with resistance at $61.50 on the same chart. Finally, there was a break above the $64.00 barrier, which led to a strong rise above the $65.00 and $70.00 resistance levels.
The price traded to a new 6-month high above the $71.00 level and it seems like the current rally is far from over. If there is a downside correction, the price might find support near $70.00 or the 23.6% Fib retracement level of the recent upside from the $60.63 low to $71.94 high.
If there is an extended downside correction, sellers may push the price back towards the $65.00 support area and the 50% Fib retracement level of the recent upside from the $60.63 low to $71.94 high. The main support on the downside is near $64.00, which was a crucial resistance and now a solid buy area.
Overall, litecoin price seems to be setting pace for more upsides above the $72.00 and $74.00 levels. The next key resistance is at $75.00, above which LTC could test $80.00.
The market data is provided by TradingView, Bitfinex.