Litecoin (LTC) Needs to Break Over the $60 Mark To Avoid Declining Towards the $50 Mark

The value of Litecoin (LTC) is presently under severe pressure as it declines below the $65 and $60 mark against the U.S. dollar. The digital currency may see more losses towards the $50 mark if buyers fail to show up and take the value of the coin over the $60 mark in the short-term.

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$59.40

At the time of writing, Litecoin (LTC) is trading at $59 after a decrease of about 0.5 percent over the past twenty-four hours. The present market cap of the digital currency is $3.44 billion and its trading volume over the past twenty-four hours is $287.54 million.

Litecoin (LTC) Price Analysis

Over the past week, Litecoin (LTC) declined significantly below the $70 mark against the U.S dollar. The digital currency declined further and broke the support at the $65, $64, and $60 levels. From the chart, the value of the coin was obviously under severe pressure as it traded beneath the $58 mark.
The value of the coin even went as low as $55 before it started consolidating higher. The value of the coin surged over the 50 percent Fibonacci retracement level of the previous swing from the high of $65 to the low of $55. The price was also pushed over the $60 mark by buyers, but they couldn’t hold declines which resulted in a rejection.
The digital currency was capped close to the 61.8 percent Fibonacci retracement level of the previous swing from the high of $65 to the low of $55 and the 100-hourly SMA. As a result of this, the digital currency declined slightly and traded beneath the $60 mark.
On the upside, the digital currency will likely face a resistance at the $62.5 mark. If the digital currency breaks over this level, it could amass enough momentum to move towards the next resistance at the $65 and $70 levels.

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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