Litecoin (LTC) Faces Major Resistance, May Break Higher Soon

The value of Litecoin (LTC) declined and retested a critical support at the $72 mark. However, the value of the coin has stepped up a bit against Bitcoin BTC and the US dollar. The trading pair could surge higher in the near-term provided it trades over its critical support level.

Litecoin (LTC) Price Today – LTC / USD

Name Price24H (%)
Litecoin (LTC)
$53.21
0.09%

At the time of writing, Litecoin (LTC) is changing hands at $74.8 after closing on the gap of its decline over the past twenty-four hours to about 0.5 percent. The market cap of LTC is $4.23 billion and its trading volume over the past twenty-four hours is $257.97 million.

Litecoin (LTC) Technical Analysis

On the upside trend, the digital currency was rejected at the $77 resistance level. The digital currency declined and broke the support at the $74 mark and also retested a crucial support at the $72 mark. From the chart, the value of the digital currency declined to the $72 mark and was strongly supported at that level.

A few hours later, the coin started consolidating higher and surged over the 23.6 percent Fibonacci retracement level of the previous swing form the high of $76.8 to the low of $72. The value of the coin surged over the $74 mark and faced a slight hurdle at the $74.5 mark.

It also coincides with the 50 percent Fibonacci retracement level of the previous swing from the high of $76.8 to the low of $72. Over the $74.5 mark, the 100-hourly SMA is positioned close to the $75.8 mark – which is the next immediate hurdle point.

If the value of the digital currency corrects higher it is likely to face several hurdled close to the $75.8 and the $77 levels. If the coin surges and closes over the $77 mark, it will likely open doors for more gains towards the $80 mark.


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