Litecoin price is gaining momentum above $60.00 against the US Dollar. LTC is likely to continue higher (similar to bitcoin) towards $70.00 or $75.00 in the near term.
- Litecoin started a strong rally above the $55.50 and $58.00 resistance levels against the US Dollar.
- The price is now trading nicely above the $60.00 level and the 100 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $54.00 on the 4-hours chart of the LTC/USD pair (data feed from Kraken).
- The bulls seem to be aiming a larger rally towards the $70.00 resistance zone.
Litecoin Price is Gaining Bullish Momentum
This week, bitcoin price started a strong rally above $14,000 and $15,000, but altcoins lacked momentum. However, they started picking up momentum, and recently, there was a decent increase in Ethereum, ripple and litecoin against the US Dollar.
A strong support base was formed near $52.00 before litecoin price started a strong rally. There was a break above a major bearish trend line with resistance near $54.00 on the 4-hours chart of the LTC/USD pair.Source:The 1.236 Fib extension level of the downward move from the $60.46 high to $51.06 swing low is also near the $62.68 level. If there are more upsides, the price is likely to continue higher towards the $70.00 resistance.