Litecoin Price Analysis: LTC/USD sustains gains within a rising channel, jumps above $60

Litecoin is among the cryptocurrencies struggling to sustain the gains accrued during the Asian session on Wednesday. The price zoomed past the $60 resistance towards the end of the Asian session on Tuesday. However, the momentum to the north stalled at $62.32. LTC has since adjusted to an intraday value of $61 amid a building bullish momentum as well as growing volatility levels.

Litecoin founder Charlie Lee believes crypto “is a better form of money

In a recent interview, Charlie Lee, the brains behind the creation of Litecoin said “we’re all in together, to be a better form of money that the US dollar or any other fiat currencies out there.” He said that he thinks crypto “ is a better form of money” but added that it might take a while to realize it. He added:

Consider Litecoin and Bitcoin today, the important thing is that you’re able to transfer value. We fought a central party and no one can censor crypto transactions today. And that’s like the key thing, right? You can send like money over the Litecoin network without requiring a central party to help you do that.

Litecoin price analysis

Litecoin’s retracement from the earlier January surge from highs slightly under $64, embraced support at $50. Recovery from the ‘crypt’ has since sustained an uptrend within a rising channel. The channel support and resistance have been tested severally but the walls have not been breached. Litecoin bulls are focused on breaking resistance at $64 and pushing above $70.

For now, the RSI is hovering just below the overbought region. The fact that the RSI is not oversold, means that Litecoin has a lot of room for growth. If the price fails to rise above the $64 level, a downward correction is likely to occur. However, various support levels are likely to come in handy, including the $60 level, the accelerated trendline (dotted), the channel support, the 100 SMA and the key support area at $50.

LTC/USD 1-hour chart