- LTC/USD nearly doubled its value since the beginning of the year.
- The coin may enter a short-term correction.
Litecoin (LTC), now the fourth largest coin, has grown by 2% in recent 24 hours to trade at $60.57 at the time of writing. LTC/USD has doubled its value since the beginning of the year and became one of the best performing coins out of top-20.
If the situation does not change drastically, LTC will have its third green month in a row for the first time since mid-2017.
Looking technically, LTC/USD smashed above DMA200, DMA100 and DMA50 and settled well above critical $60.00 handle creating a positive technical picture. However, while the long0term trend trend looks upwards, traders should take caution as the price is ripe for correction with the ultimate goal at the congestion area $50.00 followed by DMA50 currently at $47.89.
On the upside, the next resistance comes at $69.00 with SMA50 weekly located on approach and psychological $70.00. Though, considering that daily RSI is starting to reverse from the overbought territory, the upside looks less likely at this stage.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.