The value of Litecoin (LTC) began an upward movement and surged over the $54 mark against the U.S. dollar. The digital currency recently tested a new monthly low, however, it is currently correcting higher. Litecoin (LTC) just broke the $55 resistance level and it is currently capped on the upside at the $58 mark.
Litecoin (LTC) Price Today – LTC / USD
At the time of writing, the seventh largest digital currency is trading at $56.8 after an increase of about 10 percent over the past twenty-four hours. The market cap of the digital currency has also increased to $3.21 billion and its trading volume over the past twenty-four hours is $258.4 million.
Litecoin (LTC) Price Trend and Analysis
Recently, the digital currency declined drastically against the US dollar and found a very strong support close to the $49 mark. Later, the digital currency started an upward movement and corrected over the $52 and $54 marks.
From the chart, the value of the coin bids close to the $50 mark a connecting support trendline. The value of the coin surged higher and broke the resistance at the $54 and $55 marks. The upward movement was positive as the coin traded over the 50 percent Fibonacci retracement level of the previous swing from the high of $60.6 to the low of $49.
Nevertheless, the value of the digital currency is currently capped on the upside at the $58 and $60 levels. The 100-hourly SMA together with the 61.8 percent Fibonacci retracement level of the previous swing from the high of $60.6 to the low of $49 is close to the $58 mark.
Over this level, there is another key hurdle close to the $60 mark. If the digital currency surges over the $58 mark, it still needs to break the $60 mark in order to correct higher. Also, the digital currency needs to stay over its immediate support at the $55 mark in order to prevent further declines.