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Litecoin is currently trading at $60.94, down 1.76% over the past day.
The pair is consolidating amid bullish indicators
Investors should wait until it rises above the bar
Cryptocurrencies are currently in recession following an industry-wide recovery. Bitcoin and Ethereum are down 3.8% and 1.92% over the past day. Litecoin’s LTC/USD fell 1.76% over the same period.
Created in 2011, Litecoin is one of the earliest blockchains. Forked from Bitcoin as an improvement to the Proof of Work network. The platform is more scalable with faster block times and more token supply. It also uses the Scrypt hashing algorithm to reduce energy consumption.
Despite being a hard fork of Bitcoin, LTC failed to make the latter recovery. LTC has gained just 4% over the past month compared to BTC’s 25% gain. This takes into account the large difference in market capitalization between the two. Bitcoin is valued at $454 billion, while LTC has a meager $4.3 billion valuation.
LTC/USD is currently trading at $60.94. Trading volume decreased by 17.39% to $437,281,262. Price and volume dynamics aside, LTC has an important technical level to watch.
Source: Trading View
According to the daily chart above, LTC is consolidating near the $61 resistance. Attempts by the token to break above the level have been resisted three times since June 25th. Still, the chart shows that the technical indicators are in favor of the bulls and the token may break out.
RSI is currently at 55. The momentum indicator can be interpreted as neutral, but more traders are buying tokens than selling them. The MACD is above the signal line with a green histogram. However, investors should be patient until the token crosses the resistance.
Litecoin has a strong foundation of efficiency and fast transaction speeds. Its native LTC token is fortified with a significant resistance level amid strong bullish momentum. Patience is recommended until the token clears the level.
