Litecoin price analysis: LTC/USD consolidates above $55.00 as Litecoin Core releases software update

Litecoin is changing hands at $55.16, off the weekend low at $51.90. The coin has  gained over 4% since this time yesterday, and returned to the range of the previous week, though it is still 15% lower on a seven-days basis. Litecoin takes the 7th place in cryptocurrency rating with the market value $3.24B and average daily trading volume $271.

Meanwhile, Litecon's dev team released the much-awaited software update Litecoin Core 0.16.2. According to the press-release, that the new version has an updated database format. Nodes (v0.8 — v0.15) will transit to the new format automatically within half an hour; however, the operators running nodes v.7 or older will have to reload the whole blockchain.

Moreover, the new version is not compatible with wallets created in 0.16 and later. The team encourages everyone to report bugs or issues if any.

"Despite heavy testing this release may still contain unexpected issues or bugs, please ensure you have backed up your wallet data file before upgrading for recovery later just in case. If you do encounter any issues, please report them to the Core developers via their github issues page."

Litecoin's technical picture

On the short-term level, LTC/USD sits in a tight range limited by SMA50 (1-hour) at $54.37 on the downside, and SMA100 (1-hour) at $55.46 on the upside. The next support comes at $52.80 and $51.90 (Saturday's low). The resistance is created by psychological $60.00 followed by SMA200 (1-hour) at $60.25.

LTC/USD, 1-hour chart