[LTC/USD] Litecoin Price Analysis: A new Resistance Level or Potential Correction?

Yesterday, the Litecoin price started falling and stopped at $61.53. Today, the coin rebounded to
$61.681, where it is still trading.

Indicators formed a signal for a price reduction. It is believed that the trading pair may continue to roll back to support 78.6% Fibo (59.31 USD). If this Fibonacci level deploys the price, the next attempt to re-test the resistance of $62.00 will be more successful and allow it to set a new annual maximum in the area of $64.00.

From a technical point of view, for trading, one needs to see price fixing above $62.

LTC/USD

LTC/USD chart by TradingView

Furthermore, there is an issue with trading volumes, as they are very low. Growth not supported by volume usually leads to a deep pullback, while the behavior of the coin makes you think about a possible revision of the view on this tool within a longer time period.

At the same time, you should not forget that for a long time Litecoin felt better than the whole cryptocurrency market, and now the price is near the highs.

The price of LTC is trading at $61.084 at the time of the writing.