Litecoin LTC surged to the $58 level first but faced some resistance and moved lower against the USD. Shortly after, the token gained momentum again retesting the $58 level and eventually crossing $60.
Toward the end of trading yesterday, Litecoin LTC moved lower than $58 once again but things got better this morning and it was able to move as high as $61 for the first time in weeks.
If Litecoin LTC can maintain the bullish momentum against the USD near-term, there is a strong chance that the token will keep crossing resistance until it crosses the resistance at $65. This is the most significant resistance mid-term. Since Litecoin LTC has been stuck in the $56 to $58 range for a long time. The price action of Bitcoin BTC in the next few days will help us determine if Litecoin LTC will hold the bullish pressure.
At the time of writing, the price of Bitcoin BTC was $11,793.69. It was correcting lower by 0.46% against the USD with a trading volume of $21,340,824,718 and a market capitalization of $217,740,476,909. Bitcoin has been struggling to move above the $12000 level for days now.
If it succeeds in crossing this resistance, Litecoin and other tokens will follow suit, at least we hope they will. We will have to wait a few days to see if this is what will happen to Litecoin LTC.
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.
- Litecoin LTC Gains Momentum, Moves Above the Resistance at $61
- Litecoin LTC Will Move Higher if the Bulls Maintain the Momentum
Things have been good for Litecoin LTC since the beginning of the year. The token managed to move across the resistance at $60 reaching as high as $61 with possible higher highs to come near-term.
Litecoin LTC’s positive momentum came right in time and it started yesterday when other altcoins were rising against the USD in line with Bitcoin BTC. Because Litecoin LTC traded as low as $57 yesterday, the current surge above $61 is rather impressive.
Litecoin LTC Rises Against USD, Moving Above $61
At the time of writing, Litecoin LTC is trading at $61.60. This means that it is up by 7.31% against the USD and up by 7.92% against Bitcoin BTC. The trading volume over a 24 hour period is $3,392,197,521 and the market capitalization is $4,019,708,464.
Yesterday, the token rose above the $60 level after hitting the support at $57 which allowed it to gain enough momentum to rise. In our Litecoin LTC news yesterday, we talked about how the price of LTC was struggling against the USD. Keep in mind that the Litecoin LTC token didn’t move from $57 to $60 in one straight surge.