Previously, Litecoin’s price had declined and settled below $55.50 against the US dollar. However, the coin experienced a sharp reversal which propelled its price above $55. Additionally, more signs show that the coin may continue to experience more gains towards the end of 2018.
Litecoin’s price was under a lot of bearish pressure with a close below $55 against the US Dollar. There was a new connecting bearish trend line in place with resistance at $55 on the hourly chart. If the coin would have broken below the $59.466 support, it could have resumed a downtrend and possibly reach $40. However, the coin gained 5.73% in the last 24 hours to settle at $57 at the time of writing.
According to the daily chart, the coin’s price found a strong buying interest above the $53 level, resulting in an upward motion. The price gained traction and traded above the $55 resistance. Also, the price broke the 50% Fib retracement level of the last from the $62.18 high to $53.22 low. Most importantly, yesterday’s highlighted key bearish trend line was breached with resistance at $55 on the hourly chart.
The first and a better part of the second quarter of 2018 has been a terrible period for litecoin. When the coin’s value started decreasing at the beginning of 2018, a lot of people thought it was just a normal retracement because of the massive leap that the digital currency had made at the end of 2017. However, litecoin’s price continued to reduce, this made the coin’s holders lose interest and opt to sell it at a loss. Nonetheless, with the recently increased adoption of the platform such as its listing on itBit, the coin’s price is expected to skyrocket towards the end of 2018.
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