LTC/USD re-embarks on another mission targeting $70

  • Litecoin bulls maintain the desire to defend $60 support and break $64 resistance.
  • The 50 SMA in collaboration with the trendline support is viable support area.

Litecoin has in the last few days defiantly stayed above $60. The immediate upside is also acutely limited at $64. On the downside, several support areas have been instrumental including the ascending trendline, the 50 Simple Moving Average (SMA) on the 4-hour chart and the 100 SMA at $58.

The price action during the Asian trading hours was relatively bullish. LTC/USD extended the bullish leg from $61.44 (opening price) to $62.42 (intraday high). The digital asset has however, adjusted to $65.22.

The prevailing momentum is relatively bullish with Litecoin trending towards $64.00. The bullish leg has strong foundation from the support offered at the 50 SMA and the trendline. The Relative Strength Index (RSI) in the same 4-hour range is heading north. This stresses the fact that bulls are gaining traction. Besides, the Moving Average Convergence Divergence shows signs of forcing a bullish cross which could further pull LTC towards $70.

LTC/USD 4-hour chart