Litecoin (LTC) May Surge Over $60 in Short-Term, Forms Strong Support at $54

Litecoin (LTC) has found a strong base at the $54 mark against the U.S dollar. The digital currency is currently in the green, and it is likely to extend its gains over the $60 mark in the short-term. However, it needs to break over its resistance at the $58 mark before it can test the $60 mark.

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$58.55

At the time of writing, Litecoin (LTC) is trading at $57 after an increase of about two percent over the past twenty-four hours. The current market cap of the digital currency is $3.31 billion and its trading volume over the past twenty-four hours is $189.61 million.

Litecoin (LTC) Price Analysis

There was a decent price action in the value of Litecoin (LTC) over the swing low of $53. The digital currency remained over the support levels at $53 and $54, which is indeed a positive sign. From the chart, the value of the coin tried to clear the $54 mark on several occasions, but buyers were able to defend more losses.

This led to a major upside movement, and the value of the coin surged over the $55 and $56 marks. There was also a break over the 23.6 percent Fibonacci retracement level of the previous swing from the high of $62 to the low of $53. Nevertheless, the present upward movement is capped close to the $58 mark.

There is also a formation of a key bearish trendline with resistance at the $58 mark on the 1-hour chart of the coin. The trendline is in line with the 50 percent Fibonacci retracement level of the previous swing from the high of $62 to the low of $53.

Hence, once the coin surges over the $58 resistance level, it could see more gains in the short-term and test its previous swing high close to the $62 mark.

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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