- LTC price is approaching the immediate resistance level at $61.46 while it holds a strong support level just above the 50% Fib level
- Litecoin has steadily surged since the year start, and as it has recovered from the recent plunge, it may continue to trade higher
- The altcoin has formed a bullish trendline after it bounced back from the major support line
Litecoin is trading well above its key supports, and the coin is aiming to cross $65 price mark in the upcoming weeks. The coin is resonating with the current market sentiment which is mildly bullish.
Litecoin Price Analysis
A month ago, LTC was trading at around $42, and it continued the downtrend till the completion of the first week of 2020. From the 2nd week of this month, the currency has been possessing a tight grip over the bullish momentum.
Litecoin price reached above $60 on January 17, and here, it faced rejection. The pullback ushered the coin near $51 its recent and crucial support level. Over the last five days, LTC has managed a full recovery from that plunge and the currency may trade upwards soon if it maintains the uptrend despite hurdles. The coin is set to trade above the 0% Fib level.
The major support line lies between the 50% Fib level and the 38.20% Fib level. Additionally, both the technical indicators are in the bullish zone, where MACD has just formed a bullish crossover. RSI is at 61 which shows no extremities at the moment.