Litecoin price is ‘taking on’ the important $60.00 mark for a successful close above which indicates a new formation of trading grounds. Can LTC/USD withstand the sellers?
Litecoin Continues Gaining against the US Dollar
Litecoin price has just topped the $60.00 mark against the USD according to Coinmarketcap and Coinbase. It seems like the ‘Silver coin’ is following its rival and counterpart BTC with the end of week value climb.
Given Bitcoin’s late bull trend, LTC gain is less obvious than one would think, as the altcoin market is in a very rough state right now. Some currencies are already starting to gain on Bitcoin again, whereas others try to reduce losses to near zero. Litecoin is one of the altcoins effectively in the green right now, thanks to solid gains in both USD and BTC value.
Yesterday’s significant 10% gain in price for Litecoin brought it back up to the $60.00 mark today. We are mentioning the particular level often because of the reason it has been a key stone for Litecoin’s surge or decline for some time now.
As you can see, the line is many times turning into a supporting sitting place for the chart or barrier in the upside movement. In conclusion, breaking and closing above will result with a possible new trading ground and continuation of the ascending action for the pair LTC/USD.
With the Chinese exchanges almost out of the picture, it is time for South Korea’s Bithumb to claim the throne of the Litecoin market. Their lead over both GDAX and Bitfinex is rather substantial, to say the very least. Maintaining this position may prove to be somewhat difficult, though, depending on how much people are willing to pay for LTC in the coming days. Bithumb values Litecoin at just over $61.00 already, which may be a sign of what is yet to come.
All things considered, the Litecoin holders will be pretty happy with how things are unfolding right now. Especially those long-term holders who accumulated when LTC was valued in the single digits have no reason to complain whatsoever. Everything pointed out for Litecoin to fly past $60.00 today but maintaining above is no easy task.