The LTC bullish breakout suggests that another rally to $90 is highly possible as the price increased by 5% and broke the main $80 resistance against the US dollar. Now, the coin shows positive signs that could launch a new rally towards $90 or $95 so let’s find out more in today’s Litecoin news.
Litecoin started a strong increase above the $74.00 level against the US dollar and the price even broke the main $80.00 level after settling above the 100 simple moving average. There was a break above the major bearish trend line with the resistance near the $80.6 level on the charts of the pair that started consolidating above the trend line and could shoot higher above $82.
Over the past two days, there was an increase in Ethereum, Ripple, and BTC so Litecoin followed. The LTC bullish breakout formed a new decent support base at the $70.00 level before starting a fresh increase. It broke the $74.00 and the $75.00 level to move into the positive zone but what’s even more important is the price broke the main resistance level at $80 and settled above the 100 simple moving average. The price climbed above the 50% retracement level from the downwards movement at $92 swing high to $69.88 swing low.
There was also a break above the major bearish trend line near the resistance of $80 on the 4-hour charts of the pair with the coin now consolidating above the trend line at $80.00 and the 100 simple moving average. On the upside, the price faced plenty of hurdles near the $84.40 level and the $85.00 levels with the 61.8% fib retracement level of the downwards movement from the $92 swing high to the $69.88 swing low. A break above the $84 level and the $85 resistance level could start a new increase with the next major resistance nearing the $90 level above which the bulls will aim for $95.
It now seems like LTC is holding gains above the trend line and the $80.00 zone with more downsides breaks at the $80 support and the 100 simple moving average where a new decline wave could happen. The next major support is near the $76 level with more losses that are able to send the price towards the $72.50 support in the upcoming sessions. The 4-hour MACD for the pair is losing momentum in the bullish zone while the 4-hour RSI is now correcting lower from the 65.