Litecoin (LTC) is presently under severe bearish pressure as it trades below the $57 marks. Recently, the value of the coin declined and settled beneath the $55 mark. However, the digital currency needs to remain over the $55 mark to prevent further declines towards the support level at $52 and $50.
Litecoin (LTC) Price Today – LTC / USD
At the time of writing, Litecoin (LTC) is changing hands at $55 after a decrease of about 3 percent over the past twenty-four hours. The current market cap of the digital currency is $3.21 billion and its trading volume over the past twenty-four hours is $236.78 million.
Litecoin (LTC) Price Watch
There was a significant decline in the value of Litecoin (LTC) from the swing high of $60. The digital currency continued its downward movement and declined below the support at the $57 and $55 marks. From the chart, the value of the coin was rejected from the 100-hourly SMA and the $57 mark.
The value of LTC even broke beneath the support level at $55 and declined towards the $52 mark. Right now, the digital currency is trading around the $54 mark, but it is still consolidating losses. An initial hurdle on the upside is the 23.6 percent Fibonacci retracement level of the previous swing from the high of $58.90 to the low of $52.90.
There is also a formation of a new connecting bearish trendline with hurdle at the $56.5 mark on the 1-hour chart of the coin. The resistance of the trendline is close to the 50 percent Fibonacci retracement level of the previous swing from the high of $58.9 to the low of $52.9. Hence, if the digital currency continues to surge higher, it could face a minor resistance at the $56 and $56.5 marks.
Over this level, the next hurdle of the digital currency is at the $58 mark, and the digital currency needs to break over this level in order to pave the way for more gains towards its previous levels.