LTC outperforms major altcoins with the price being up over 10% and breaking the $80.00 resistance against the US dollar. The coin is now consolidating and dips could be limited below $78 and $76 so let’s read more in today’s Litecoin news.
Litecoin started a strong increase above the $75 level against the US dollar and the price even traded to a new monthly high near $84, settling above the 100 simple moving average. There was also a break above the contracting triangle with the resistance near the $75 level on the 4-hours charts for the pair. The price could even correct further but the bulls will remain active near the $78 and $76. Over the past few days, there was a strong increase in BTC, ETH and Ripple as well as LTC against the US dollar. The price outperformed with a major rally in the $75 resistance level. The bulls were able to gain strength which resulted in a beak above the $80 resistance level.
LTC then increased by 10% and cleared the $82 resistance. There was a break above the contracting triangle with the resistance nearing the $75 level on the 4-hour charts of the pair. Litecoin’s price traded to a new monthly high of $84 and settled above the 100 simple moving average. It is now consolidating the gains above $80 with the initial support nearing the $80.40 level. LTC is now close to the 23.6% fib retracement level from the increase at $68 swing low to $84 swing high. The 50% fib retracement level from the recent increase here is also near the $76 level.
On the upside, the $83.50 and the $84.00 levels are the immediate hurdles while the main resistance is close to $85 above which the price could surge higher. LTC outperforms major altcoins but it seems that the dips could be limited in LTC below the $80 level. the first support is set at $78 but the main buying zone is set at $76. Further losses could lead the price towards the $72 support with the next major support nearing the connecting bullish trend line on the same charts.
The 4-hour MACD for the pair is in the bullish zone while the 4-hour RSI is correcting lower than the 70 levels. the major support levels are set at $78 and $76.50 while the major resistance levels are set at $85.