Litecoin (LTC) Is Gradually Recovering Towards the $60 Level

The value of Litecoin (LTC) is gradually recovering from the low of $54. The value of LTC found support close to the $54 mark and it is currently recovering higher against Bitcoin (BTC) and the U.S dollar. Litecoin (LTC) is consolidating higher, and it looks like it could surge over the $60 mark in the short-term.

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$45.52

At the time of writing, Litecoin (LTC) is trading at $56.94 after an increase of about three percent over the past twenty-four hours. The digital currency currently boasts of a market cap of $3.31 billion with a trading volume of $251.23 million over the past twenty-four hours.

Litecoin (LTC) Price Trend and Analysis

Yesterday, there was a drastic decline in the value of Litecoin (LTC) below the $60 mark. The digital currency declined heavily and broke the $55 mark and even tested the $54 level. From the chart of the coin, Litecoin (LTC) found support close to the $54 area before it started consolidating higher.

During its recovery, it surged over the $55 and $56 marks, but it appears that the digital currency is facing a lot of resistance on the upside. At the time of writing, the digital currency is just trading slightly over the 23.6 percent Fibonacci retracement level of the previous swing from the high of $69 to the low of $54.

Also, there is a formation of a near-term ascending channel with support at $56 on the 1-hour chart of the digital currency. The digital currency may gradually rise towards the $60 mark, which will likely act as a resistance for further gains. If buyers are able to clear the $60 hurdle point, which represents the 50 percent Fibonacci retracement level of the previous swing from the high of $69 to the low of $54.

Over this level, the next crucial level is at the $62 mark and the 100-hourly simple moving average. On the downside, if the digital currency fails to break over the $60 mark, it could plunge towards the $54 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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