- Litecoin started a strong upward move from the $41.50 support zone against the US Dollar.
- The price is now trading nicely above the $50.00 level and the 100-day simple moving average.
- There was a break above a crucial bearish trend line with resistance near $48.90 on the daily chart of the LTC/USD pair (data feed from Kraken).
- The bulls seem to be aiming a larger upward move towards the $60.00 and $65.00 levels.
Litecoin price is gaining momentum above $55.00 against the US Dollar. LTC is likely to continue higher towards $60.00 or $65.00 as long as it is above the 100-day SMA.
Litecoin Price is Forming Strong Uptrend
Recently, the crypto market gained traction, and there was a strong increase in bitcoin, Ethereum, ripple and litecoin against the US Dollar. Earlier, LTC formed a strong support above the $41.50 on the daily timeframe before staring the current increase.
There was a clear break above the $48.00 and $50.00 resistance levels. There was also a break above a crucial bearish trend line with resistance near $48.90 on the daily chart of the LTC/USD pair
It opened the doors for more upsides above the $52.00 level and the 100-day simple moving average. Litecoin even climbed above the $55.00 level, and it is now testing the 50% Fib retracement level of the downward move from the $69.02 high to $41.68 low.
<img alt="Litecoin Price" class="alignnone size-full wp-image-447357" data-lazyloaded="1" data-sizes="(max-width: 1828px) 100vw, 1828px" data-src="https://www.cryptotelegraph.com/wp-content/uploads/2020/10/Litecoin-66.png" data-srcset="https://www.cryptotelegraph.com/wp-content/uploads/2020/10/Litecoin-66.png 1828w, https://www.newsbtc.com/wp-content/uploads/2020/10/Litecoin-460×218.png 460w, https://www.newsbtc.com/wp-content/uploads/2020/10/Litecoin-860×408.png 860w, https://www.newsbtc.com/wp-content/uploads/2020/10/Litecoin-768×365.png