Litecoin (LTC) Just Cleared A Major Resistance Level to Test the $60 Mark

The value of Litecoin (LTC) amassed enough bullish traction and broke the resistance at the $59 and $60 marks against the U.S. dollar. Litecoin (LTC) may consolidate a few points higher, but it is currently supported at the $58 mark.

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$128.81

At the time of writing, Litecoin (LTC) is trading at $60.50 after an increase of four percent over the past twenty-four hours. The current market cap of the digital currency is $3.49 billion and its trading volume over the past twenty-four hours is $228.21 million.

Litecoin (LTC) Price Analysis

Yesterday, Litecoin (LTC) started an upward movement and broke over the $58 mark. The digital currency began a decent bullish trend and broke several hurdles such as the $58 and $60 marks. From the chart, the value of the coin traded with a bullish angle from the swing low of $55.99 and traded higher sharply.

There was also a break and close over the $58 hurdle and the 100-hourly simple moving average. Later, the digital currency started correcting higher towards the $60 mark. Initial support is the 23.6 Fibonacci retracement level of the previous swing from the low of $55.99 to the high of $61.

Beneath the 23.6 percent Fibonacci retracement level, the broken hurdle point close to the $59.20 mark is the support. Also, there are formations of two key bullish trendlines with supports at the $58 and $57 marks on the 1-hour chart of the digital currency.

The first trendline is in line with the 50 percent Fibonacci retracement level of the previous swing from the low of $55.99 to the high of $61. Nevertheless, the most crucial support is close to the $57 mark and the 100-hourly simple moving average.

Once the present correction and consolidation are complete, the value of the coin could resume its upward movement over the $61 mark. After this level, the next resistance is close to the $64 mark and the $65 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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