The Value Of Litecoin (LTC) Is Testing a Major Support Level

The value of Litecoin (LTC) has failed to cross the $90 mark once again against the USD. The value of the coin has also shown some bearish signals against Bitcoin (BTC). At the moment, the value of LTC against the US dollar is presently correcting lower and it is testing a major support level.

Litecoin Price Today: Current Price of LTC

At the time of writing, Litecoin (LTC) is still holding the number 6 spot on the list of top digital currencies in the world with a market cap of $4.85 billion and a trading volume of $297.75 million over the past twenty-four hours. The digital currency is currently trading at $85 after a decrease of 0.2 percent in the last twenty-four hours.

Litecoin (LTC) Price Analysis

Yesterday, there was an upward movement over the $85 mark in the value of LTC against the USD. Litecoin traded over the $88 mark, but it failed to rise over the resistance level at $90. From the chart of the coin, the value of LTC was as high as $89 and later began a downward movement.

The digital currency declined below the $86 mark and broke the 50 percent Fibonacci retracement level of the previous swing from the low of $83.31 to the high of $89.15. Nevertheless, LTC buyers were able to protect a break below the support level at $84.

The value of the coin is presently testing the 76 percent Fibonacci retracement level of the previous swing from the low of $83.31 to the high of $89.15. If there is a break beneath this level, the digital currency may test the support level at $83 and the 100-hour SMA.

On the other hand, if the value of the digital currency exceeds the $86 mark, it could recover over its resistance level at $90, and this will open more gains for the digital currency in the short-term.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.


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