Litecoin (LTC) gains $2 in a matter of hour

• LTC/USD has broken above the resistance of $59.00.
• The bullish momentum may be limited by psychological $60.00.  

Litecoin (LTC), the sixth-largest digital asset, has been one of the best-performing digital assets out of top-10. LTC/USD bottomed at $57.62 and jumped to $59.60 in a matter of an hour. At the time of writing, the coin is changing hands at $59.24, with over 1.5% gains on a day-to-day basis.

Litecoin’s technical picture

From the intraday, perspective strong support is now created by a combination of SMA100 (Simple Moving Average) and the upper line of 1-hour Bollinger Band at $59.00. Once it is broken, thee sell-off may be extended towards the next psychological barrier of $58.00, strengthened by SMA 100 and the middle line of the Bollinger Band on a 1-hour chart.

On the upside, we will need to see a sustainable move above the intraday high of $59.60 for the upside to gain traction. Once it is cleared, psychological $60.00 will come into view, followed by SMA200 1-hour eat  $60.50. The longer-term barrier is created by a confluence of SMA100 and the upper line of the Bollinger Band daily at $64.20.

LTC/USD, 1-hour chart