Litecoin market update: LTC/USD reversed weekly gains

Litecoin (LTC) has been rangebound with a downside bias. The fourth largest coin with the market value of $3.42B lost over 1% in recent 24 hours, and erased nearly all weekly gains; however, it is still moving within an upside trend. At the time of writing, LTC/USD is trading at $56.20.

What’s going on

A cryptocurrency debit card-based payment service BlockCard now supports LTC, as announced by Ian Kane, CEO of BlockCard operator, Ternio. It means that BlockCard users now can spend their Litecoins with merchants.

Currently, BlockCard supports six virtual currencies - Tern (its native token), Bitcoin, Ethereum, Bitcoin Cash, Stellar and Litecoin. LTC was added within the “Pay With Litecoin” initiative by the Litecoin foundation. 

Litecoin's technical picture

LTC/USD recovery is capped by $57.00 barrier with strong selling interest noted around that level. Once it is out of the way, the upside may be extended towards the recent high of $59.75 and $60.00.

On the downside, LTC/USD is supported by $55.50-$55.30 congestion area. Once it is passed, $52.00 and %51.70 (SMA100, 4-hour) will quickly come into focus.
 
LTC/USD, 4-hour chart