The value of Litecoin (LTC) recently formed a decent support near the $ 53 mark. The digital currency has just recovered sharply against Bitcoin (BTC) and the US dollar. Litecoin (LTC) is now trading well past its previous obstacle to the $ 55.
Litecoin (LTC) Price today – LTC / USD
At the time of writing, Litecoin (LTC) is changing hands to $ 57.90 after an increase of more than five percent in the last twenty-four hours. The current market capitalization of the digital currency is $ 3.34 billion and its trading volume in the last twenty-four hours is $ 217.98 million
Litecoin Watch (LTC)
After a significant decline, the value of Litecoin (LTC) found strong support near the $ 53 mark. The digital currency was able to maintain its foundations and prevent further losses before it began correcting towards the value of $ 55. From the chart, the value of the currency found a strong buying interest compared to the value of $ 53, which led to an upward trend.
The value of the digital currency has accumulated enough momentum and has risen compared to the resistance at $ 55 and 100 very simple moving average. The value of the currency also broke the Fibonacci 50% retracement level of the previous swing from a maximum of $ 62 to a minimum of $ 53.
In addition, the main downtrend line highlighted yesterday was surpassed with resistance to $ 55 on the 1 – your coin chart. The digital currency rose to the $ 60 resistance level in which the sellers showed up. In addition, the 61.8 percent Fibonacci retracement level of the previous swing reached the highest level between $ 62 and the $ 53 minimum has also acted as a major obstacle.
The digital currency is currently capped at the $ 60 threshold. If the currency exceeds this level, it will probably test its previous high of $ 62, and this could open the door for further gains.