{"id":39283,"date":"2022-12-26T06:59:33","date_gmt":"2022-12-26T06:59:33","guid":{"rendered":"http:\/\/egrowonline.com\/?p=39283"},"modified":"2022-12-26T06:59:33","modified_gmt":"2022-12-26T06:59:33","slug":"this-resistance-could-trigger-new-rally","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=39283","title":{"rendered":"This Resistance Could Trigger New Rally"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p><em>Litecoin price remained well bid above the $60 support zone against the US Dollar. LTC is rising and might attempt a fresh rally above the $70 level.<\/em><\/p>\n<ul>\n<li>Litecoin started a fresh decline below $80 support against the US Dollar.<\/li>\n<li>The price is now trading below $70 and the 100 simple moving average (4-hours).<\/li>\n<li>There is a key bearish trend line forming with resistance near $70.50 on the 4-hours chart of the LTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price could start a decent increase if there is a clear move above the $72 resistance.<\/li>\n<\/ul>\n<h2>Litecoin Price Eyes Upside Break<\/h2>\n<p>Earlier this month, litecoin price saw a steady decline from well above the $80 level against the US Dollar. LTC price declined below the $75 support zone to move into a bearish zone, similar to <a target=\"_blank\" href=\"https:\/\/newsbtc.com\/analysis\/btc\/bitcoin-price-larger-recovery-17k\/\" rel=\"noopener\">bitcoin<\/a> and <a target=\"_blank\" href=\"https:\/\/newsbtc.com\/analysis\/eth\/ethereum-price-muted-1230\/\" rel=\"noopener\">ethereum<\/a>.<\/p>\n<p>The price gained pace below the $70 support and the 100 simple moving average (4-hours). A low was formed near $61.02 and the price is now attempting a recovery wave. There was a decent upside correction above the $63 and $65 levels.<\/p>\n<p>There was a move above the 23.6% Fib retracement level of the key decline from the $79.80 swing high to $61.02 low. The price is now trading near the $70 resistance and 100 simple moving average (4-hours).<\/p>\n<p>On the upside, an immediate resistance is near the $70.00 level. There is also a key bearish trend line forming with resistance near $70.50 on the 4-hours chart of the LTC\/USD pair. The trend line is near the 50% Fib retracement level of the key decline from the $79.80 swing high to $61.02 low.<\/p>\n<figure id=\"attachment_513720\" aria-describedby=\"caption-attachment-513720\" style=\"width: 1950px\" class=\"wp-caption alignnone\"><a target=\"_blank\" href=\"https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Litecoin-5.png\" rel=\"noopener\"><img decoding=\"async\" loading=\"lazy\" class=\"size-full wp-image-513720\" src=\"https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Litecoin-5.png\" alt=\"Litecoin Price\" width=\"1950\" height=\"1109\" srcset=\"https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Litecoin-5.png 1950w, https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Litecoin-5-460x262.png 460w, https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Litecoin-5-860x489.png 860w, https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Litecoin-5-768x437.png 768w, https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Litecoin-5-1536x874.png 1536w, https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Litecoin-5-750x427.png 750w, https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Litecoin-5-1140x648.png 1140w\" \/><\/a><figcaption id=\"caption-attachment-513720\" class=\"wp-caption-text\">Litecoin Price<\/figcaption><\/figure>\n<p>Source: <a target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/LTCUSD\/\" rel=\"noopener nofollow\">LTCUSD on TradingView.com<\/a><\/p>\n<p>If there is a clear break above the $70.50 resistance, the price could start a strong increase. In the stated case, the price is likely to continue higher towards the $72 and $75 levels. Any more gains might send ltc price towards the $80 resistance zone.<\/p>\n<h2>Fresh Decline in LTC?<\/h2>\n<p>If Litecoin price fails to clear the $70.00 resistance level, there could be a fresh decline. An initial support on the downside is near the $65.50 level.<\/p>\n<p>The first major support is forming near the $64.00 level. Any further losses may perhaps send the price towards the $60.00 support in the coming sessions.<\/p>\n<p>Technical indicators:<\/p>\n<p>4-hours MACD \u2013 The MACD is slowly gaining pace in the bullish zone.<\/p>\n<p>4-hours RSI (Relative Strength Index) \u2013 The RSI for LTC\/USD is above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $65.50 followed by $60.00.<\/p>\n<p>Major Resistance Levels \u2013 $70.00 and $75.00.<\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/news.google.com\/__i\/rss\/rd\/articles\/CBMiPmh0dHBzOi8vbmV3c2J0Yy5jb20vYW5hbHlzaXMvbHRjL2xpdGVjb2luLXByaWNlLXByZWRpY3Rpb24tODAv0gFCaHR0cHM6Ly9uZXdzYnRjLmNvbS9hbmFseXNpcy9sdGMvbGl0ZWNvaW4tcHJpY2UtcHJlZGljdGlvbi04MC9hbXAv?oc=5\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Litecoin price remained well bid above the $60 support zone against the US Dollar. LTC is rising and might attempt a fresh rally above the $70 level. Litecoin started a fresh decline below $80 support against the US Dollar. The price is now trading below $70 and the 100 simple moving average (4-hours). There is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":39284,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[43],"tags":[213,3959,3731],"class_list":["post-39283","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-litecoin","tag-rally","tag-resistance","tag-trigger"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/12\/Depositphotos_78872860_s-2019-1.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/39283","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=39283"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/39283\/revisions"}],"predecessor-version":[{"id":39285,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/39283\/revisions\/39285"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/39284"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=39283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=39283"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=39283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}