Litecoin price analysis: LTC/USD stays above $55.00, but the upside may be limited

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  • LTC/USD is gaining ground in sync with other altcoins.
  • Litecoin now can be purchased from the official website of the project.

Litecoin is changing hands at $55.52, off the early Asian high reached at $56.55. The coin has gained 1.9% in recent 24 hours and lost 1% of its value since the beginning of Wednesday. The market capitalization of the 7th largest coin is registered at $3.2B, while the average daily trading volumes reached $380M.

Litecoin can be purchased from… Litecoin

The main website of the cryptocurrency now has a functionality that allows users buying the coin. The service is provided by Simplex that will perform KYC and AML procedures and process transactions. Users will be able to purchase cryptocurrency with their debit or credit card for USD, GBP and EUR in the amount equivalent to $50 – $20,000.

The developers promise that the process won’t take more than five minutes, while the coins will be credited to the user’s wallet within 24 hours.

Litecoin’s technical picture

On the charts, LTC/USD is capped by $54.30 – the congestion zone that previously served as a resistance, and SMA50 1-hour. Once it is cleared, the sell-off may be extended towards $53.00 handle, followed by $52.60 (the short-term upside trendline).

The upside may be capped by Asian high at $56.55 as traders will seek to close speculative positions on approach to a strong resistance. However, if it is broken. we can witness Litecoin’s growth towards $58.00 and $60.00.  

LTC/USD, 4-hour chart

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