- Litecoin price declines 5% on the day trimming last week’s gains.
- Buyers defend $57.00 support but the road to $60.00 is laced with many hurdles.
The cryptocurrency market has retreated into the red in the wake of the surge experienced last week. The market capitalization has declined to the current $219 billion from $225 recorded on Friday last week. Litecoin price did not disappoint during the bullish trend towards the end of the just concluded week. The bulls not only defended the support at $51.00, they also pushed the price higher above $60.00. Moreover, in the course of the weekend trading, LTC/USD stepped above $63.00.
Nonetheless, the trend has not been able to maintain the levels about $60.00. The digital asset kick-started this week’s trading on Monday morning (GMT); Asian trading hours with lower corrections that failed to find balance at the trendline support. The losses continued to deflate until the buyers found a support at $57.00.
In the interim, Litecoin has begun rising from the dip again while the buyers have their eyes locked on $60.00. But first, they must overcome the hurdle at the 38.2% Fib retracement with the last upward swing of $63.60 and a downward swing of $51.73. The upper supply zone at $63.6 will limit recoil heading to $65.00.
Looking at the chart, the trend is slightly in the favor of the bulls. The RSI is ranging at 40 percent but the MACD is stuck in the negative region. The above mentioned $57.00 support must be protected to ensure that there are no trips taken downstream heading to the primary support at $51.00.
LTC/USD hourly chart
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