Litecoin skyrocketing gains add 20% in seven days: LTC/USD eyes $60

LTC/USD is seen trending 0.46% higher on the day. The asset is green but surrounded by a sea of red. Most of the cryptocurrencies are retracing from the highs reach following the recovery staged on Tuesday. Bitcoin, for instance, has not been able to break above $3,900 and is 0.13% down on Thursday. Ethereum remains lethargic below $140 after a 0.9% loss while Ripple is down 0.82% to trade at $0.3165.

Litecoin is among the biggest gainers of March 2019. In the past seven days, the digital asset recorded 20% in gains. Bullish momentum approached $60.00 but hit a snag at $58.00. Moreover, the price is trading higher highs and higher lows within an ascending channel.

Litecoin is currently changing hands at $56.21 while the bulls are eying $60.00 in the short-term. It is vital that the price retraces to this level to avoid exhausting the buyers who might decide to sell in order to create more supply than demand before buying again. If this happens, expect Litecoin to slide below $50 and correct towards the key support at $45.

Meanwhile, both the 50 SMA 1-hour chart will offer support at $54.37 and the 100 SMA currently at $50.69.

LTC/USD 1-hour chart