LTC/USD consolidates gains above $58 ahead of the weekend session

Fibo Quantum

  • Litecoin consolidation is necessary for preparing another attack on $60 and the 200SMA resistance.
  • The support at $58 is weak but very essential for the expected recovery above $60.

Litecoin is slightly in the green, just like the other major cryptocurrencies. It is flying the bullish flag 0.78% high on the day. Currently, in the seventh position on the market, Litecoin has a market capitalization of $3.72 billion. In the last 24 hours, exchanges have recorded a total trading volume of $4.25 billion.

The daily chart shows Litecoin trading at $58 as the struggle to push for a break above the hurdle at $60 continues to give the bulls a hard time. The Relative Strength Index (RSI) is above 70, signaling that the momentum and trend are in the favor of the bulls.

Meanwhile, in case the price makes it above the hurdle at $50, Litecoin must prepare to tackle more resistance at the 200-day SMA currently at $65.83. On the other hand, if the support at $58 fails to hold, Litecoin is likely to spiral to next support at $50. A further downward movement will find cushion at $40.

LTC/USD daily chart