Litecoin (LTC) Price Analysis: Rally Could Extend Toward $80

• Litecoin is gaining pace above the $65.00 resistance against the US Dollar.
• LTC price is now trading above $66.00 and the 55 simple moving average (4 hours).
• There is a key bullish trend line forming with support at $69.00 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
• The pair could gain bullish momentum if it clears the $70.80 and $71.40 resistance levels.

Litecoin price is recovering from the $68.20 zone against the US Dollar, like Bitcoin. LTC price could climb again if there is a clear move above $71.40.

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 struggled to clear the $73.45 resistance zone and started a fresh decline.

There was a move below the $72.00 and $70.00 support levels. Finally, the bulls protected the key support at $68.00. A low was formed near $68.12, and the price is now attempting a fresh increase. The price started a recovery wave above the $68.00 level.

It broke the 23.6% Fib retracement level of the downward move from the $73.45 swing high to the $68.12 low. Litecoin is now trading above $69.00 and the 55 simple moving average (4 hours).

On the upside, the price is facing resistance near the $70.80 level or the 50% Fib retracement level of the downward move from the $73.45 swing high to the $68.12 low. The next major resistance is near the $71.40 level. A clear move above the $71.40 level could push the price toward the $73.50 zone.

The next major resistance sits near the $75.00 level. Any more gains might send the price toward the $80.00 level. On the downside, initial support is near the $69.00 level. There is also a key bullish trend line forming with support at $69.00 on the 4-hour chart of the LTC/USD pair.

The next major support is near the $68.00 level. If there is a downside break below the $68.00 support, the price could accelerate lower toward the $65.00 level in the near term.

Looking at the chart, Litecoin’s price is trading above $69.00 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $70.80 and $71.40 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 – $69.00 and $68.00.

Key Resistance Levels – $70.80 and $71.40.