Litecoin price analysis: LTC/USD gained 4% on a daily basis, stays above $60.00

  • Litecoin is moving upwards in sync with other major coins.
  • $70.00 is the ultimate goal for Litecoin bulls.

Litecoin is changing hands at $60.06, off late Monday’s high touched at $61.02. The coin has gained about 4% on a daily basis and lost 0.8% since the beginning of Tuesday. The market value of the seventh largest coin settled at $3.4B, the average daily trading value is registered at $223M. 

Litecoin’s technical picture

On the intraday level, LTC/USD stays marginally above $60.00 handle, which creates the positive background and nice jumping-off-ground for further growth towards $61.02 (Monday’s high) and $62.22 (August 22 high). Once this area is cleared, the bulls may set their eyes on $70.00 strengthened by DMA50; however, we will need more incentive to push the price that high. 

On the downside, the first support is created by $58.40 – this level serves as a stiff resistance since August 18. Once below, the sell-off may be extended towards $57.80 with SMA50 and SMA100 clustered around that level (1-hour chart). The next barrier is created by short-term upside trendline (currently at $57.20), followed by SMA200 (1-hour chart) at $56.80.

LTC/USD, 1-hour chart

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