Litecoin rallies above 179.14

LTC/USD rallied today, after hitting support at 161.15 yesterday. The rally took the crypto above yesterday’s peak of 179.14, thereby confirming a forthcoming higher high. This, combined with the fact that the price continues to trade above the upside support line drawn from the low of July 20th, keeps the near-term outlook positive.

We believe that the break above 179.14 may have opened the way towards the 197.15 zones, which is defined as resistance by the peak of June 3rd. If that area is not able to stop the advance either, then a break higher could see scope for extensions towards the 208.20 territories, marked by the high of May 27th.

Shifting attention to our short-term oscillators, we see that the RSI turned up after hitting support at the 50 lines, while the MACD, already positive, appears ready to move above its trigger line. Both indicators detect strong upside speed and support the case for further advances in this cryptocurrency.

On the downside, a dip below the 158.10 barriers, marked by yesterday’s low, could signal the break of the aforementioned upside line and could set the stage for the 144.95 barriers, the break of which could allow extensions towards the 133.95 zone, which provided strong support between July 28th and August 5th, or the 126.80 territories, marked by the low of July 27th.