Home Litecoin price analysis: LTC/USD $60 is the line in the sand; bulls defend $54 key support
Crypto News

Litecoin price analysis: LTC/USD $60 is the line in the sand; bulls defend $54 key support

  • Litecoin engages forward gears escaping the range resistance only to lose momentum short of $60.
  • Bullish trend to correct higher towards $60.00; indicators are positive.

Litecoin is in the green despite canceling most of the gains it gathered during the Asian trading hours today. The digital asset added over $8 in less than one hour from the support at $52. Prior to the surge, LTC/USD was in a range below $54 while supported at $52. The extended declines on Thursday, October 11 2018 could not find support at $58 leading to a breakdown that tested $50.

The entire cryptocurrency market sunk as bears took over control. The market cap declined by $16 billion going back to the drawing board a $201 billion. At present, the total market capitalization has increased considerably from $202 billion yesterday to the current $212 billion. Litecoin on the other hand, Litecoin’s market capitalization has been decreasing from $3.6 billion on September 30 to $3.2 billion at the time of press. The total exchange trading volume has increased from $242 million recorded yesterday to $437 at press time.

Meanwhile, after Litecoin price escaped the range resistance, it surged significantly and stepped above $58. However, the buyers lost their mojo on toughing $59.00. A correction that followed has been protected above $54.00. LTC/USD is trading at $55.10 while facing resistance at $56.00. If the crypto can keep the support at $54.00 LTC/USD is likely to retrace higher and test the key resistance at $60.

LTC/USD 1-hour chart

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.