- Litecoin increased by a further 3% over the past 24 hours of trading.
- The cryptocurrency is now struggling to overcome resistance at $62.50 which caused it to drop lower into $60.61.
Litecoin rebounded at the support provided by the .786 Fibonacci Retracement level at $57.64 yesterday. The cryptocurrency then went on to increase by 3% as it ran into resistance at $62.50 which is provided by a short term .236 Fibonacci Retracement level.
The cryptocurrency has been trading within a range between $67.64 and $62.50 for the past 6 days of trading and will need to break this before we can ascertain where it would like to head toward next.
Litecoin remains ranked in the 7th position as it holds a $3.91 market cap valuation.
Litecoin Price Analysis
LTC/USD – Daily CHART – SHORT TERM
Taking a look at the daily chart above, we can clearly see the support at $57.64 preventing Litecoin from slipping lower. At the same time, the resistance at $62.50 is preventing Litecoin from traveling higher which puts it in a sideways trading range between these two levels.
Short term prediction: NEUTRAL
The short term price prediction will remain neutral as we trade within the aforementioned range. If Litecoin was to drop beneath $57.60, the market would turn bearish. It would need to break above $62.50 to start the process of turning bullish, however, Litecoin would have to break above $70 to confirm this.
Toward the downside, the first level of support lies at $57.64. This is followed by support at $56.12, $54.25 (.886 Fib Retracement), $51.14 (downside 1.272 Fib Extension), and $48 (long term .786 Fib Retracement).
On the other hand, if the bulls can break $62.50 (bearish .236 Fib Retracement), the first level of resistance above is located at $66.50 (bearish .382 Fib Retracement). This is followed by resistance at $69.71 (bearish .5 Fib Retracement) and $74 (bearish .618 Fib Retracement).
Support:$57.64, $56, $54.25, $51.14, $50, $48, $44.
Resistance:$62.60, $64, $66.50, $69.71, 784, $76.52, $80.
Source: Coin Gape