The value of Litecoin (LTC) has shown a degree of stability over the past twenty-four hours, as it is strongly supported on the downside and capped on the upside.
Founded in 2011 by Charlie Lee, Litecoin (LTC) was designed to become a better alternative to Bitcoin (BTC). Litecoin (LTC) is created to have much lower transaction fees and faster transaction speeds than Bitcoin (BTC).
The blockchain project also has Lightning Network, which enables off-chain processing of transactions, hence minimizing the load on the main blockchain. Litecoin (LTC) recently declined below its key support level, however, that support level is now acting as a hurdle to its upward movement.
Litecoin (LTC) Price Today – LTC / USD
At the time of writing, Litecoin (LTC) is changing hands at $58.71 after an increase of about two percent over the past twenty-four hours. The seventh largest digital currency has a market cap of $3.44 billion with a trading volume of $409.83 million over the past twenty-four hours.
Litecoin (LTC) Price Analysis
Recently, the value of Litecoin (LTC) declined below the $60 support area against the USD. The digital currency declined lower but further losses were prevented at the $56 support level. The value of the digital currency found strong buying interest close to the $56.50 mark before it started consolidating higher and traded over the $57.5 resistance level.
The coin also broke over the 23.6 percent Fibonacci retracement level of the previous swing from the high of $61.44 to the low of $56.60. Nevertheless, the value of the digital currency is now facing strong hurdles on the upside at the $59 and $60 marks. Furthermore, the 100-hourly SMA is positioned close to the $59 mark. Hence, buyers might encounter a strong challenge close to the trendline, the $60 resistance level, and the 100-hourly simple moving average.
If the digital currency gathers enough traction to surge over the $60 mark, it is likely to surge higher towards its previous levels at $61.5 and $63. However, if buyers fail to push the value of the coin higher, the next line of defense for the coin is at the $56.5 mark.