Litecoin (LTC) Still Faces a Strong Resistance on The Upside

The value of Litecoin (LTC) is under severe pressure beneath the $59 and $60 hurdle points. The value of the digital currency declined towards the $52 mark and found support against the U.S. dollar. The digital currency is slowly and steadily recovering, but it has a lot of hurdles on the upside to deal with.

Litecoin (LTC) Price Today – LTC / USD

Name Price
litecoin
Litecoin
$73.29-2.55%

At the time of writing, Litecoin (LTC) is trading at $55 after amassing gains of more than four percent over the past twenty-four hours. The seventh largest digital currency in the world by market cap has a market cap of $3.21 billion with a trading volume of $258.57 million over the past twenty-four hours.

Litecoin (LTC) Price Analysis and Trend

In the past week, there was a massive plunge in the value of Litecoin (LTC) beneath the $65 and $60 support levels. The digital currency declined continuously and broke the support at $55 before buyers showed up close to the $52 mark. From the chart of LTC/USD, the value of the coin tested the $51.85 mark before it started consolidating higher.

It corrected higher and broke over the $53 and $54 levels. There was also a break over the 50 percent Fibonacci retracement level of the previous swing from the high of $58.40 to the low of $51.85. Nevertheless, the coin was capped on the upside at the $57 level and the 100-hourly SMA.

Also, the value of the coin failed to break and close over the 61.8 percent Fibonacci retracement level of the previous swing from the high of $58.40 to the low of $51.85. There is also a formation of a major bearish trendline with hurdle at $56 on the 1-hour chart of the coin.

A break and close over this trendline, the $57 mark, and the 100-hourly simple moving average is required for buyers to push the value of the coin back towards the $59 and $60 hurdle points. The digital currency is currently under a lot of pressure, and the immediate resistance of the coin is close to the $57 and $60 levels. The digital currency needs to break over these levels to return to the positive zone.

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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