Litecoin (LTC) Price Recovers Abruptly Over the $57 Mark Against the US Dollar

The value of Litecoin (LTC) recently formed a decent support close to the $53 mark. The digital currency just recovered sharply against Bitcoin (BTC) and the U.S dollar. Litecoin (LTC) is now trading well over its previous hurdle at the $55 mark.

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$58.59

At the time of writing, Litecoin (LTC) is changing hands at $57.90 after an increase of more than five percent over the past twenty-four hours. The current market cap of the digital currency is $3.34 billion and its trading volume over the past twenty-four hours is $217.98 million.

Litecoin (LTC) Price Watch

After a significant decline, the value of Litecoin (LTC) found strong support close to the $53 mark. The digital currency was able to hold its ground and prevent further losses before it started correcting towards the $55 mark. From the chart, the value of the coin found a strong buying interest over the $53 mark, which resulted in an upward trend.

The value of the digital currency amassed enough momentum and surged over the resistance at the $55 mark and the 100-hourly simple moving average. The value of the coin also broke the 50 percent Fibonacci retracement level of the previous swing from the high of $62 to the low of $53.

Also, the major bearish trendline highlighted yesterday was breached with resistance at the $55 mark on the 1-hour chart of the coin. The digital currency surged towards the $60 resistance level where sellers showed up. Moreover, the 61.8 percent Fibonacci retracement level of the previous swing form the high of $62 to the low of $53 also acted as a strong hurdle.

The digital currency is currently capped on the upside at the $60 mark. If the coin surges over this level, it will likely test its previous swing high of $62, and this could open doors for more gains.

 

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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