The value of Litecoin (LTC) corrected towards the $100 level against the U.S. dollar a couple of hours ago. Litecoin tested the resistance at the $100 mark, which served as a resistance for purchasers. The digital currency may correct lower towards the $97 to $95 level, but it’s likely to remain in a range.
Litecoin Price Today: Current Price of LTC
Litecoin (LTC) is trading at $98.70 at the time of writing after an increase of 2 percent in the last twenty-four hours. The digital currency has a market cap of $5.63 billion and a trading volume of $354.56 million in the last twenty-four hours.
Litecoin Price Analysis
A minor upward movement was initiated from the swing low of $90 in the value of Litecoin against the USD. The value of Litecoin is currently above the previous resistance level at $95, and it is now facing a new resistance at the $100 mark.
Looking at the chart, the digital currency even traded over the 50 percent Fibonacci retracement level of the previous swing from the high of $108 to the low of $88. Nevertheless, the upward movement was stopped by a crucial resistance close to the $103 and the 100-hour SMA.
The 76.4 percent Fibonacci retracement level of the previous swing from the high of $108 to the low of $88 also served as a hurdle and prevented gains. As a result of this, the digital currency began a short-term downward movement and it is presently trading below the $100 mark.
On the other side, there is a new connecting bullish trendline forming support at the $96 mark on the hourly chart of Litecoin against the US dollar. If the value of the digital currency continues to head south, it will likely find support close to the $97 and $95 levels. If it goes below that, the value of the coin may perhaps test the $90.00 mark.