Litecoin price analysis: LTC/USD hanging in the balance after breaking trendline support

• Litecoin slightly recovered from $56 support but upside capped below $60.00.
• Levels around $100 are out of reach, at least for now.

The battle between the bulls and the bears continues but LTC/USD seems unbothered as it consolidates above $56.00. There has been a slight bullish correction today, besides the crypto is still up 1.78%. However, Litecoin is still trading at lower levels in spite of the brief pullback from the support.

Litecoin recently embarked on an upward roll above $60.00 and even stepped above $65.00. However, levels around $100 are out of reach, at least for now. On the other hand, the increasing adoption of Litecoin is what the crypto requires for a breakout this 4Q. The recent support on CoinText is a huge step towards adoption. Moreover, LTC was also added to an institutional grade crypto platform referred to as SFOX. The high volume of trades on this platform is expected to play a big role in the performance of LTC/USD in the coming months.

Meanwhile, Litecoin corrected lower from the highs around $65.66. The asset gave a blind eye to the 38.2% Fib level between a high of $65.66 and a low of $50.7. Consequently, the trendline support marginally below $60.00 could not hold the declines either. The retracement continued towards $56.00 but traded a low of $56.4 before the price bounced back up. However, LTC/USD upside remains capped below $60.00 (100SMA) while the 50SMA hindering movement at $59.57.

Looking at the chart, LTC/USD is inclined to move sideways. If the buyers keep the support at $58.00 intact, the price could gather momentum and attack the $60.00 resistance hurdle. There are a couple of key resistance zones above $60.00; at $62.00 and $65.66.