The recent bulls that increased the value of the overall market cap of the crypto market have lied low for the bears, leaving all the top coins in the market deep in the red. The value of Litecoin (LTC) is currently correcting lower after being capped on the upside at the $60 mark. The value of the coin has declined to the $55 mark, and it might test the $54 and $52 marks.
Litecoin (LTC) Price Today – LTC / USD
Litecoin (LTC) is currently worth $55 after losing more than five percent of its value over the past twenty-four hours. The seventh largest digital currency has a market cap of $3.25 billion and its trading volume over the past $304 million.
Litecoin (LTC) Price Analysis
Recently, Litecoin (LTC) stated a downward movement and corrected towards the support at $58. The value of the coin later declined below the 100-hourly SMA and the $57 mark. The coin also declined below the 50 percent Fibonacci retracement level of the previous swing from the low of $51 to the high of $63.
LTC is currently trading around the $55 mark, and its immediate support is at the $54 level. This represents the 76.4 Fibonacci retracement level of the previous swing from the low of $51 to the high of $63. Below this level, the next support is at the $52 mark. On the upside, if the coin surges higher, its immediate hurdle is at the $58 mark. If it breaks over this level, it could open the door for more gains towards the $60 and $63 levels.
Reasons Why the Value of Litecoin (LTC) Will Increase This Year
One of the major reasons why Litecoin (LTC) will surge this year is its transaction fee. Compared to the transaction fees of Bitcoin (BTC), that of Litecoin (LTC) is way lower. As a result, the digital currency would attract more traders and investors, and this would increase its value significantly.
Another notable reason why its value would increase this year is the increasing number of exchanges that are showing interest in the coin. Gemini – one of the most popular digital currency trading platform in the U.S – has recently shown interest in the digital currency, adding that Litecoin (LTC) would soon be added to the trading platform.
SEE ALSO: The $65 Level Remains a Strong Hurdle for Litecoin (LTC)