Litecoin Price Analysis: LTC/USD $60 Is The Line In The Sand; Bulls Defend $54 Key Support

• Litecoin engages forward gears escaping the range resistance only to lose momentum short of $60.
• Bullish trend to correct higher toward $60.00; indicators are positive.

Litecoin is in the green despite canceling most of the gains it gathered during the Asian trading hours today. The digital asset added over $8 in less than one hour from the support at $52. Prior to the surge, LTC/USD was in a range below $54 while supported at $52. The extended declines on Thursday, October 11 2018 could not find support at $58 leading to a breakdown that tested $50.

The entire cryptocurrency market sunk as bears took over control. The market cap declined by $16 billion going back to the drawing board a $201 billion. At present, the total market capitalization has increased considerably from $202 billion yesterday to the current $212 billion. Litecoin on the other hand, Litecoin’s market capitalization has been decreasing from $3.6 billion on September 30 to $3.2 billion at the time of press. The total exchange trading volume has increased from $242 million recorded yesterday to $437 at press time.

Meanwhile, after Litecoin price escaped the range resistance, it surged significantly and stepped above $58. However, the buyers lost their mojo on toughing $59.00. A correction that followed has been protected above $54.00. LTC/USD is trading at $55.10 while facing resistance at $56.00. If the crypto can keep the support at $54.00 LTC/USD is likely to retrace higher and test the key resistance at $60.