Litecoin (LTC) seems to have reached its lower lows against the U.S. dollar as the value of the coin stabilizes just over its resistance at the $54 mark. The 200 exponential moving average also acts as a support for the digital currency. The relative strength index has also gotten to a critical level as it has to break out next week, either to the downside or upside.
Demarker indicator also shows that the value of the coin has gotten to rock bottom on the weekly chart and the value of the coin could reverse at any moment. The digital currency has been able to hold its ground to a certain degree in the recent turmoil in the crypto market, as it is now gradually recovering and consolidating higher.
The Future Prospect of Litecoin (LTC) Looks Brighter
Like some other coins, the value of Litecoin (LTC) has dropped by 85 percent from its all-time high. Nevertheless, the future prospect of the digital currency looks brighter based on the developments and partnerships around it.
The founder of Litecoin (LTC) – Charlie Lee has sold most of his coins to distance himself from the project. The digital currency has been seen as a digital silver in the digital currency space for quite some time now. Litecoin (LTC) has attracted a lot of investors because of its ability to be a remarkable store of value and a spendable token for exchange of value.
Looking at the chart of LTC/BTC, the digital currency has reached the bottom low of its ascending channel against BTC. The digital currency is currently supported at the $54 mark, and it is presently amassing enough bullish momentum for an aggressive upside break in the coming weeks.
Litecoin (LTC) Price Today – LTC / USD
Litecoin (LTC) is currently changing hands at $55 after a decrease of about 0.2 percent over the past twenty-four hours. Litecoin (LTC) has a market cap of $3.17 billion and a trading volume of $241.98 million over the past twenty-four hours.