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Litecoin value remained nicely bid above the $60 assist zone towards the US Dollar. LTC is rising and would possibly try a contemporary rally above the $70 stage.

• Litecoin began a contemporary decline beneath $80 assist towards the US Dollar.
• The value is now buying and selling beneath $70 and the 100 easy shifting common (4-hours).
• There is a key bearish development line forming with resistance close to $70.50 on the 4-hours chart of the LTC/USD pair (information feed from Kraken).
• The value might begin an honest enhance if there’s a clear transfer above the $72 resistance.

Litecoin Price Eyes Upside Break

Earlier this month, litecoin value noticed a gradual decline from nicely above the $80 stage towards the US Dollar. LTC value declined beneath the $75 assist zone to maneuver right into a bearish zone, much like bitcoin and ethereum.

The value gained tempo beneath the $70 assist and the 100 easy shifting common (4-hours). A low was shaped close to $61.02 and the value is now making an attempt a restoration wave. There was an honest upside correction above the $63 and $65 ranges.

There was a transfer above the 23.6% Fib retracement stage of the important thing decline from the $79.80 swing excessive to $61.02 low. The value is now buying and selling close to the $70 resistance and 100 easy shifting common (4-hours).

On the upside, a right away resistance is close to the $70.00 stage. There can also be a key bearish development line forming with resistance close to $70.50 on the 4-hours chart of the LTC/USD pair. The development line is close to the 50% Fib retracement stage of the important thing decline from the $79.80 swing excessive to $61.02 low.

Source: LTCUSD on TradingView.com

If there’s a clear break above the $70.50 resistance, the value might begin a powerful enhance. In the said case, the value is prone to proceed larger in direction of the $72 and $75 ranges. Any extra good points would possibly ship ltc value in direction of the $80 resistance zone.

Fresh Decline in LTC?

If Litecoin value fails to clear the $70.00 resistance stage, there could possibly be a contemporary decline. An preliminary assist on the draw back is close to the $65.50 stage.

The first main assist is forming close to the $64.00 stage. Any additional losses might maybe ship the value in direction of the $60.00 assist within the coming periods.

Technical indicators:

4-hours MACD – The MACD is slowly gaining tempo within the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is above the 50 stage.

Major Support Levels – $65.50 adopted by $60.00.

Major Resistance Levels – $70.00 and $75.00.