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The value of Litecoin (LTC) is subjected to strong pressure below the $ 59 and $ 60 hurdle points. The value of the digital currency declined to the value of $ 52 and found support against the US dollar. The digital currency is recovering slowly and steadily, but it has many upside obstacles to deal with.
Litecoin (LTC) Price Today – LTC / USD
At the time of writing, Litecoin (LTC) traded at $ 55 after accumulating earnings of more than four percent in the last twenty-four hours. The seventh largest digital currency in the world by market capitalization has a market capitalization of $ 3.21 billion with a trade volume of $ 258.57 million over the past twenty-four hours.
Analysis and price development of Litecoin (LTC)
In the past week, there was a huge dip in the value of Litecoin (LTC) below the $ 65 and $ 60 support. The digital currency decreased continuously and broke support at $ 55 before buyers approached the $ 52 sign. From the LTC / USD chart, the currency value tested the $ 51.85 mark before starting the higher consolidation.
Higher correction and broke over $ 53 and $ 54 levels. There was also a pause on the 50% Fibonacci retracement level of the previous swing from a maximum of $ 58.40 to a minimum of $ 51.85. Nonetheless, the currency was listed on the rise at the level of $ 57 and at the 100-hour SMA.
In addition, the value of the currency failed to break and close the Fibonacci retracement level of 61.8% of the previous swing from a maximum of $ 58.40 to a minimum of $ 51.85. There is also a formation of a bearish trend line with an obstacle to $ 56 on the 1 hour chart of the currency.
An 'interruption and closure on this trend line, the value of $ 57 and the 100-hour simple moving average is required for buyers to push the value of the coin back towards the $ 59 and $ 60 hindrance points The digital currency is currently under much pressure and the immediate resistance of the currency is close to $ 57 and $ 60. The digital currency must break these levels to return to the positive zone.
