Can Litecoin (LTC) Gather Enough Momentum To Surge Over Its Key Resistance?

The value of Litecoin (LTC) declined to test a crucial support close to the $72 mark a few days ago. However, the digital currency surged over that level and started consolidating higher against the US dollar and Bitcoin (BTC). The digital currency is presently on its way up, but it is facing a major resistance at the $77 mark.

Litecoin (LTC) Price Today – LTC / USD

Name Price24H (%)
Litecoin (LTC)
$53.01
-0.33%

At the time of writing, Litecoin (LTC) is trading at $75 after an increase of more than 2 percent over the past twenty-four hours. The market cap of the digital currency is $4.38 billion and its trading volume over the past twenty-four hours is $272.10 million.

Litecoin (LTC) Price Trend and Analysis

There were several declines noted in the value of the digital currency beneath the $77 mark against the USD. The digital currency declined beneath the $75 support level and declined to a major support at the $72.50 mark. From the chart of the coin, the value of Litecoin found bids close to the $72.5 and started correcting higher.

The coin surged over the resistance at the $74.5 mark and broke the 50 percent Fibonacci retracement level of the previous swing from the high of $78 to the low of $72. The digital currency also traded over the $76 mark and the 100-hourly SMA.

Nevertheless, the coin faced a hurdle at the $77 mark and the 76.4 percent Fibonacci retracement level of the previous swing from the high of $78 to the low of $72. There is also a formation of a major bearish trendline with resistance at the $77 level.

If the digital currency breaks below is immediate support at the $74.5 level, the value of the coin may likely test the support area at $72.50.

On the other hand, if the coin breaks over the resistance at the $77 level, it could open doors for more gains towards the $80 mark and beyond.


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