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16 October, 2024

Litecoin (LTC) Surges 10%: Is a Bigger Rally on the Horizon?

16 October, 2024

Litecoin (LTC) Price Soars Above $70: A Bullish Run in the Making?

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Litecoin (LTC) is making significant strides, trading above the $70.00 mark against the US Dollar. The cryptocurrency’s upward trajectory could continue if it manages to break through the $72.80 resistance level.

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Litecoin has exhibited strong support above the $65 level. The price is currently trading above $70 and the 100-hourly Simple Moving Average. A notable bullish trend line is forming with support at $68.00 on the hourly chart of the LTC/USD pair (data feed from Kraken). The price has surged over 10% and could potentially continue its climb if it overcomes the $72.80 resistance zone.

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Bullish Momentum Takes Hold

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After establishing a base above $65, Litecoin embarked on a fresh upward movement. LTC price successfully breached the $68 and $70 resistance levels, mirroring the positive trend seen in Bitcoin and Ethereum. The price has gained over 10%, even exceeding the $72 mark. A peak was established at $72.74, and the price is currently consolidating its gains. It is firmly positioned above the 23.6% Fib retracement level of the upward move from the $65.29 swing low to the $72.74 high.

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Litecoin is currently trading above $70 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $68.00 on the hourly chart of the LTC/USD pair. The trend line aligns closely with the 61.8% Fib retracement level of the upward move from the $65.29 swing low to the $72.74 high.

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Potential for Further Gains

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On the upside, immediate resistance is located near the $72.00 zone. The next significant resistance level lies near the $72.80 mark. If the price can break above the $72.80 resistance, it could trigger another powerful surge. In such a scenario, the price is likely to continue its upward trajectory towards the $75.50 and $78.00 levels. Further gains could potentially push LTC’s price towards the $80.00 resistance zone.

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Support Levels in Play

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Should Litecoin price fail to break through the $72 resistance level, a downside correction could occur. Initial support on the downside lies near the $71.00 level. The next major support zone is forming near the $69.00 level, below which there is a risk of a move towards the $67.50 support. Any further losses could potentially send the price towards the $65.00 support.

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Technical Indicators

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Hourly MACD – The MACD is currently gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for LTC/USD is above the 60 level.

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Key Levels to Watch

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Major Support Levels – $71.00 followed by $67.50. Major Resistance Levels – $72.80 and $80.00.