Litecoin (LTC) Price Analysis: Another 10% Rally Seems Likely | Live Bitcoin News

• Litecoin started a steady increase above $70 against the US Dollar.
• LTC price is now trading above $70 and the 55 simple moving average (4 hours).
• There is a key bullish trend line forming with support near $71.20 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
• The pair could rise further if it clears the $75.80 and $76.00 resistance levels.

Litecoin price is showing positive signs above $70 against the US Dollar, like Bitcoin. LTC price could climb further if there is a clear move above $76.

Litecoin Price Analysis

In the past few sessions, there was a decent increase in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC formed a base above the $66 level and started a fresh increase.

There was a clear move above the $68 and $70 resistance levels. The pair even cleared the $75 resistance zone. A high was formed near $75.88 before there was a minor downside correction. The price declined below the 23.6% Fib retracement level of the upward move from the $66.84 swing low to the $75.88 high.

Litecoin is now trading above $70 and the 55 simple moving average (4 hours). There is also a key bullish trend line forming with support near $71.20 on the 4-hour chart of the LTC/USD pair. The trend line is near the 50% Fib retracement level of the upward move from the $66.84 swing low to the $75.88 high.

On the upside, the price is facing resistance near the $75.00 level. The next major resistance sits near the $75.80 level or $76. A clear move above the $76 level could push the price toward the $80 level. Any more gains might send the price toward the $84 level.

On the downside, initial support is near the $72.00 level. The next major support is near the trend line at $71.20. If there is a downside break below the $71.20 support, the price could accelerate lower toward the $68.80 level in the near term.

Looking at the chart, Litecoin price is clearly trading above $70 and the 55 simple moving average (4 hours). Overall, the price could rise further if it clears the $75.80 and $76.00 resistance levels.

Technical indicators

4 hours MACD – The MACD for LTC/USD is now gaining pace in the bullish zone.

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

Key Support Levels – $72.00 and $71.20

Key Resistance Levels – $75.80 and $76.00.

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• Source: https://www.livebitcoinnews.com/litecoin-ltc-price-analysis-another-10-rally-seems-likely/