Litecoin (LTC) finally broke over its key resistance at the $85 level. The digital currency is now correcting higher against Bitcoin (BTC) and the US dollar. The digital currency is currently facing a strong resistance at the $90 level, but it remains supported at its previous hurdle which is the $85 mark.
Litecoin (LTC) Price Today – LTC / USD
At the time of writing, the seventh largest digital currency in the world by market cap – Litecoin (LTC) is trading at $86.2 after an increase of 1.9 percent over the past twenty-four hours. The digital currency boasts of a market cap of $5.05 billion and a trading volume of $441.40 billion over the past twenty-four hours.
Litecoin (LTC) Price Analysis
A few days ago, a support base was formed close to the $81 mark in the value of LTC against the USD. The trading pair started consolidating higher and broke some major resistance level such as $84 and $85. According to the chart, the value of the coin gathered bullish momentum and settled over its resistance at the $85 mark.
The digital currency even traded close to the $90 level and settled over the 100-hourly SMA. It formed a high at the $90 mark before it started correcting lower. It has moved beneath the 23.6 percent Fibonacci retracement level of the previous swing from the low of $81 to the high of $90.
Nevertheless, there are several support lines on the downside such as $85 and $84, waiting to prevent further losses. If the digital currency corrects lower, it may find support close to the $85 or $84 level. On the other hand, if the digital currency breaks above its major resistance at the $90 level, it could pave the way for more gains toward the next resistance at $100.
In general, the value of the coin is back in the bullish territory, and all it needs now is a little momentum to push it over its immediate resistance for it to test the $100 mark.