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.
The pair gained pace above the $55.00 resistance and 100 simple moving average (4-hours). It opened the doors for more gains above the $60.00 resistance and the price even climbed above the $60.46 swing high. An initial resistance is near the $62.65 level.
<img alt="Litecoin Price" class="alignnone wp-image-449038 size-full" data-lazyloaded="1" data-sizes="(max-width: 1828px) 100vw, 1828px" data-src="https://www.cryptotelegraph.com/wp-content/uploads/2020/11/Litecoin-91.png" data-srcset="https://www.cryptotelegraph.com/wp-content/uploads/2020/11/Litecoin-91.png 1828w, https://www.newsbtc.com/wp-content/uploads/2020/11/Litecoin-460×218.png 460w, https://www.newsbtc.com/wp-content/uploads/2020/11/Litecoin-860×408.png 860w, https://www.newsbtc.com/wp-content/uploads/2020/11/Litecoin-768×365.png 768w, https://www.newsbtc.com/wp-content/uploads/2020/11/Litecoin-1536×729.png 1536w, https://www.newsbtc.com/wp-content/uploads/2020/11/Litecoin-750×356.png