Litecoin Price Analysis: LTC / USD gained 4% on a daily basis, remains above $ 60.00

  • Litecoin is moving upwards in sync with other important currencies
  • $ 70.00 is the ultimate goal for Litecoin's bulls.

Litecoin is changing hands at $ 60.06, starting at $ 61.02. The currency gained around 4% on a daily basis and lost 0.8% from the start of Tuesday. The market value of the seventh largest coin amounted to $ 3.4 billion, the average daily value of trading was $ 223 million.

Litecoin Technical Framework

At the intraday level, LTC / USD remains marginally above the $ 60.00 commitment, which creates a positive background and a good start for further growth towards $ 61.02 (Monday high) and $ 62.22 (August 22nd high)). Once this area is cleared, the bulls could point their eyes at $ 70.00 reinforced by DMA50; however, we will need more incentives to push the price up.

On the downside, the first support was created from $ 58.40 – this level acts as a stiff resistance since August 18th. Once below, the sell-off can be extended to $ 57.80 with SMA50 and SMA100 grouped around that level (1 hour chart). The next barrier is created by the short-term uptrend line (currently at $ 57.20), followed by SMA200 (1 hour chart) to $ 56.80.

LTC / USD, 1 hour chart

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