Litecoin (LTC) Fails to Hold the $59 Support Level as It Declines Further

PARIS, FRANCE - JANUARY 08: In this photo illustration, a visual representation of the digital Cryptocurrency, Litecoin is displayed on January 08, 2018 in Paris, France. Litecoin was created in 2011 by Charlie Lee, a former Google and former director of engineering at Coinbase. Litecoin is an electronic currency inspired by Bitcoin that has experienced an incredible surge of more than 7000% in 2017. Cryptocurrencies including Bitcoin, Ethereum, Ripple and Litetcoin have seen unprecedented growth in 2017, despite remaining extremely volatile. (Photo by Chesnot/Getty Images)

The value of Litecoin (LTC) has been fighting so hard to remain over the $60 level for the past couple of days. The digital currency was strongly supported by the $59 mark. However, the $59 support level could no longer prevent losses as the digital currency declined sharply. Litecoin (LTC) declined against Bitcoin (BTC) and the U.S dollar, and it is currently at risk of testing the $55 mark.

Litecoin (LTC) Price Today – LTC / USD

Name Price24H (%)
Litecoin (LTC)
$52.63
-1.1%

At the time of writing, Litecoin (LTC) is changing hands at $58 after procuring losses of about five percent over the past twenty-four hours. The current market cap of the digital currency is $3.40 billion and its trading volume over the past twenty-four hours is $472.18 million.

Litecoin (LTC) Price Analysis and Trend

Yesterday, the value of the digital currency was trading close to the $61 mark, with strong support at the $59 level. However, the digital currency started a downward trend a few hours ago and broke below its support level. The value of the coin saw a sharp bearish reaction from the swing high of $61.5 that caused it to plunge below its support level.

The digital currency continued to plunge lower towards the support at $56.5 mark, a low was even formed at the $56.42 mark. At the moment, the value of the digital currency is consolidating higher towards the 23.6 percent Fibonacci retracement level of the previous swing from the high of $61.5 to the low of $54.62. The value of the coin is still surging higher, and it may surge towards the $59 mark.

The $59 mark, which was its initial support, might now act as a hurdle on the upside. It is also in line with the 50 percent Fibonacci retracement level of the previous swing from the high of $61.5 to the low of $56.42. Hence, as the coin corrects higher, it is likely to face a strong hurdle close to the $59 mark, and a break over this level is needed for more gains towards the $62 and $64 resistance level.

On the other hand, the immediate support of the coin is at $56.5, if the coin breaks below this level, the next support is at the $52 mark.


SEE ALSO:   Litecoin price predictions 2018: Litecoin seems to be on the rise! - Litecoin forecast news - Fri Oct 19

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