The $65 Level Remains a Strong Hurdle for Litecoin (LTC)

Over the past few days, the crypto market has been a bit bullish, with altcoins seeing considerable growth in price and market cap. The value of Litecoin (LTC) also gathered momentum and surged over a few resistance levels, including the $58 and $60 levels. Nevertheless, the digital currency seems to be lacking strong traction as is value is slowly declining.

Litecoin (LTC) Price Today – LTC / USD

Name Price24H (%)
Litecoin (LTC)
$53.85
-2.61%

At the time of writing, Litecoin (LTC) is changing hands at $58 after a decrease of about 5 percent over the past twenty-four hours. The current market cap of the digital currency is $3.42 billion and its trading volume over the past twenty-four hours is $296.33 million.

LTC Price Analysis

Recently, the value of LTC moved nicely over the support at the $54 level. The value of the coin surged higher and broke over a key hurdle on the upside. The value of the surged over the $62 mark and traded close to the $65 resistance level. However, it started correcting lower after forming a high at $63.80.

At the moment, the digital currency is capped at the $60 mark – which his strongly supported by the 50 simple moving average on the one-hour chart of the coin. The digital currency needs to break over this level in order to return to its previous position and get a chance to test the $65 resistance level.

Once the value of the coin breaks over this level, the bullish trend is likely to return with the high of September 4th at $69.40 and $70 back in focus. This could open the door for more gains for the digital currency to test new monthly highs.

On the other hand, the digital currency is trading around the $58 mark and it is strongly supported at the $55 level. A break below this level and the 100-hourly simple moving average could push the value of the coin towards the $54 and $53 levels.


SEE ALSO:   Here’s Why the Predicted $10 Ripple (XRP) Value Is Still Achievable This Year - Tue Oct 16

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