Litecoin (LTC) needs to break the $ 60 mark to avoid decreasing towards the $ 50 mark

The value of Litecoin (LTC) is currently under intense pressure as it falls below $ 65 and $ 60 against the US dollar. The digital currency can see more losses towards the $ 50 sign if buyers do not show up and take the value of the currency over the $ 60 short-term mark.

Litecoin (LTC) Price today – LTC / USD

At the time of writing, Litecoin (LTC) traded at $ 59 after a decrease of about 0.5 percent over the past twenty-four hours. The current market capitalization of the digital currency is $ 3.44 billion and its trading volume over the past twenty-four hours is $ 287.54 million.

Litecoin Price Analysis (LTC)

Last week, Litecoin (LTC) declined significantly below the $ 70 mark against the US dollar. The digital currency declined further and broke support at $ 65, $ 64 and $ 60 levels. From the chart, the value of the currency was obviously under strong pressure since it was below the value of $ 58.
The value of the coin even came to $ 55 before the highest consolidation began. The value of the currency rose above the 50% Fibonacci retracement level of the previous swing from a maximum of $ 65 to a minimum of $ 55. The price has also been pushed beyond the $ 60 limit by buyers, but it is not was able to contain the decline that led to a refusal.
The digital currency was closed close to the Fibonacci retracement level of 61.8% from the maximum of $ 65 at the minimum of $ 55 and SMA at 100 hours. As a result, the digital currency declined slightly and traded below $ 60.
On the upside, the digital currency is likely to face resistance at $ 62.5. If the digital currency exceeds this level, it could accumulate enough momentum to move to the resistance after the $ 65 and $ 70 levels.

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Princess Ogono is a writer, lawyer and fitness enthusiast. He believes that cryptocurrencies are the future. When he does not write, he spends his time with his adorable cat, Ginger and often works.

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