Litecoin price is rising above the $70.00 level against the US dollar. LTC may continue to rise if it breaks the resistance zone at $72.80.

• Litecoin is showing positive signals from the $65 support zone against the US dollar.
• The price is currently above $70 and the 100-hour elementary moving average.
• A key bullish trend line is forming on the hourly chart of the LTC/USD pair with support at USD 68.00 (fed by data from Kraken).
• The price is up over 10% and could continue to rise if it breaks the resistance zone at $72.80.

Litecoin price is gaining bullish momentum

After establishing a base above $65, Litecoin began a fresh surge. LTC price has broken the $68 and $70 resistance levels to move into a positive zone like Bitcoin and Ethereum.

The price increased by over 10% and even exceeded the level of $72. The maximum was formed at USD 72.74 and the price is currently consolidating its increases. It is stable above the 23.6% Fib retracement level resulting from the upward move from a low of $65.29 to a high of $72.74.

Litecoin is currently trading above $70 and the elementary moving average of 100 (4 hours). A key uptrend line is also forming on the hourly chart of the LTC/USD pair with support at $68.00. The trendline is near the 61.8% Fib retracement level, which represents an upward move from a low of $65.29 to a high of $72.74.

On the other hand, immediate resistance is located near the $72.00 zone. The next major resistance is near the $72.80 level. If there is a clear break above the resistance at $72.80, the price could begin another robust rally. In this case, the price will likely continue to rise towards the $75.50 and $78.00 levels. Any further increases could push the LTC price towards the $80.00 resistance zone.

Are inheritances supported in LTC?

If Litecoin price fails to break the $72 resistance level, a downward correction may occur. Initial downside support is near the $71.00 level.

The next major support is formed near the $69.00 level, below which there is a risk of a move towards the $67.50 support. Any further losses could possibly push the price towards the support at $65.00.

Technical Indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for LTC/USD is above the 60 level.

Major support levels – $71.00 and then $67.50.

Major resistance levels – $72.80 and $80.00.