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Charted: Litecoin Is Outperforming Major Altcoins, Why Dips Remain Attractive

Altcoins 2020/11/20 08:28 by Aayush Jindal

Litecoin price is up over 10% and it broke the $80.00 resistance against the US Dollar. LTC is consolidating gains and dips are likely to be limited below $78.00 and $76.50.

  • Litecoin started a strong increase above the $75.00 and $80.00 levels against the US Dollar.
  • The price traded to a new monthly high near $84.12 and settled above the 100 simple moving average (4-hours).
  • There was a break above a contracting triangle with resistance near $75.10 on the 4-hours chart of the LTC/USD pair (data feed from Kraken).
  • The price could correct in the short-term, but the bulls are likely to remain active near $78.00 and $76.50.

Litecoin Price Rallies Another 10%

In the past few days, there was a strong increase in bitcoin, Ethereum, ripple and litecoin against the US Dollar. LTC price outperformed recently with a major rally above the $75.00 resistance level.

The bulls gained strength, resulting in a break above the $80.00 resistance level. The price climbed over 10% and it even cleared the $82.00 resistance. There was also a break above a contracting triangle with resistance near $75.10 on the 4-hours chart of the LTC/USD pair.

Litecoin price traded to a new monthly high near $84.12 and settled above the 100 simple moving average (4-hours). It is now consolidating gains above the $80.00 level. An initial support is near the $80.40 level. It is close to the 23.6% Fib retracement level of the recent increase from the $Q68.35 swing low to $84.12 high.

Litecoin Price

Source: LTCUSD on TradingView.com

If there is an extended decline, the price could test the $76.50 support level (the recent breakout zone). The 50% Fib retracement level of the recent increase from the $Q68.35 swing low to $84.12 high is also near $76.24.

On the upside, the $83.50 and $84.00 levels are immediate hurdles. The main resistance is near $85.00, above which the price might surge towards the $90.00 level.

Dips Supported in LTC?

It seems like dips might be limited in litecoin below the $80.00 level. The first support sits at $78.0, but the main buy zone is likely forming near the $76.50 level.

Any further losses may perhaps send the price towards the $72.00 support. The next major support is near a connecting bullish trend line at $68.30 on the same chart.

Technical indicators:

4-hours MACD – The MACD is slowly losing momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently correcting lower from the 70 level.

Major Support Levels – $78.00 followed by $76.50.

Major Resistance Levels – $85.00 and $90.00.

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