Litecoin price is slowly and steadily rising from the $56.00 support against the US Dollar. LTC/USD may soon accelerate gains above the $60.00 resistance.
Key Talking Points

• Litecoin price is moving higher towards the $60.00 resistance level (Data feed of Kraken) against the US Dollar.
• Yesterday’s highlighted bearish trend line was breached with resistance at $57.80 on the hourly chart of the LTC/USD pair.
• LTC price looks set to break the $59.50 and $60.00 resistance levels in the near term.

Litecoin Price ForecastYesterday, we discussed that litecoin price could break higher above the $58.00 resistance against the US dollar. The LTC/USD pair did move higher from the $56.50 support level and broke the $58.00 resistance.


Looking at the chart, LTC price gained traction and it was able to clear the 50% Fib retracement level of the last decline from the $61.50 high to $56.60 swing low. Moreover, there was a close above the $58.00 level and the 100 hourly simple moving average.
The price even spiked above the $59.00 level and traded close to the $60.00 resistance. More importantly, yesterday’s highlighted bearish trend line was breached with resistance at $57.80 on the hourly chart of the LTC/USD pair.
The pair traded as high as $59.67 and it is currently correcting lower. It is testing the 23.6% Fib retracement level of the last wave from the $56.58 low to $59.67 high.
However, the main support on the downside is near the $58.00 level and the 100 hourly SMA. Moreover, the 50% Fib retracement level of the last wave from the $56.58 low to $59.67 high is also near the $58.00 level.
Therefore, if the price continues to move down, it is likely to find a strong support near the $58.00 level. On the upside, an initial resistance is at $59.50, above which the price needs to clear the $60.00 resistance.
At the outset, the current price action is positive and it indicates that litecoin could accelerate higher above $60.00 in the near term.

The science behind the coinLitecoin (LTC)was launched on Githubback on October 7th of 2011, a currency that was designed to be practically identical in its technical aspects to the leader of the sector Bitcoin (BTC). In fact, it was created as an open-source fork of the first ever launched cryptocurrency of the market, and ever since then, it has performed as the silver to the pseudo-gold that represents Bitcoin (BTC).
Even when the similarities are that many, Litecoinhas come a long way from where it began in 2011, having one of the strongest features of the sector in terms of costs and speed as of now. However, its performance is still way below one of the leaders of the market as the altcoin trades at a price that is thousands of times lower than the price of bitcoin, and as we believe this is actually not an accurate thing considering what the crypto has to offer to both enthusiasts and investors.
Truth be told, the conditions of the market right now are not the best to consider, and this is something that has affected every single one of the coins that exist in the market, including, of course, Bitcoin. But if we take into account the normal conditions of the sector, Litecoin (LTC)has one of the strongest and more stable performances of them all.
In these regular conditions, Bitcoin used to be one of the greatest investments, representing a great store of value to a bunch of investors and enthusiasts. But the truth is the leader of the sector still has a lot to improve in terms of speed and transactions fees, a field in which Litecoin has managed to offer operations that barely take 2.5 seconds and with incredibly low cost.
Like this, it is worth to mention that one of the main usabilities for cryptocurrencies is serving as a payment method, and this is something in which Bitcoinclearly has the lead as well being adopted on several mega websites. Nonetheless, Litecoin may see a higher adoption considering the fact that what it has to offer is better, transactions are actually cheaper, and they even take less time.
Once the market starts to rise again, a massive adoption of Litecoincould skyrocket the price of the coin, even being possible that LTC gets to the forecasted number of 1000 US dollars, but in order for this to happen one of the things the coin needs to get rid of is the relation with Bitcoin (BTC), a fact that seems to be more detrimental than helpful.
Litecoin is actually the only competitor that Bitcoin has, because even when Ethereum (ETH)is closer in numbers, the crypto is very distant on its target and this positions LTC as the most likely contender, so instead of considering the silver to the Bitcoin gold, Litecoin should be labeled in the same measure of importance than BTC.
The current price of Litecoin (LTC)is $83.07 per coin, the token has increased in value by more than 10% in the last 24 hours, and the weekly uptrend of it is expected to keep getting stronger now. So things may change sooner than