The value of Litecoin (LTC) accumulated sufficient bullish traction and broke resistance at $ 59 and $ 60 against the US dollar. Litecoin (LTC) may consolidate some points higher, but it is currently supported at the $ 58 level.
Litecoin (LTC) Price today – LTC / USD
At the time of writing this release, Litecoin (LTC) it is trading at $ 60.50 after a four per cent increase over the past twenty-four hours. The current market capitalization of the digital currency is $ 3.49 billion and its trading volume over the past twenty-four hours is $ 228.21 million.
Price Analysis of Litecoin (LTC)
Yesterday, Litecoin (LTC) started an upward movement and broke past the $ 58 mark. The digital currency started a decent confident trend and broke several obstacles like the $ 58 and $ 60 brands. From the chart, the value of the currency was traded at a bullish angle from the minimum of $ 55.99 and was traded more sharply.
There was also a break and a close on the $ 58 wheelbase and a 100-hour simple moving average. Subsequently, the digital currency began to correct higher towards the $ 60 mark. The initial support is the Fibonacci retracement level of 23.6 of the previous swing from the minimum of $ 55.99 to the maximum of $ 61.  Below the Fibonacci retracement level of 23.6%, the broken obstacle near the $ 59.20 sign is the support. In addition, there are two bullish trendline formations with supports at $ 58 and $ 57 on the 1-hour graph of the digital currency.
The first trend line is in line with the 50% Fibonacci retracement level of the previous swing from the minimum of $ 55.99 to the maximum of $ 61. However, the most crucial support is close to $ 57 and a simple 100-hour moving average.
Once correction and consolidation is completed, the value of the currency may resume its movement upwards above $ 61. After this level, the next resistance is close to the $ 64 sign and the $ 65 mark. .