The $6 billion crypto surge propels Litecoin above $55: What's next for LTC/USD?

A brief rally visited the cryptocurrency market yesterday. At least $6 billion was added to the total market capitalization pushing the market value above $130 billion. However, there has been ‘a flash crash’ across the board today with most assets retracing after the gains encountered glitches.

Litecoin was yesterday’s market leader with gains of more than 15%. From the key support at $45.00, the buyers pushed the digital asset above $50. There was a hiccup where the price struggled unable to break past $54.00. However, the bulls managed to extend the leg above the critical $55 forming a high at $55.61.

The bullish moment reclaimed litecoin’s position above the broken channel support as observed on the 1-hour chart. LTC/USD has attempted to break past the channel resistance but has failed on all of the accounts. For now, Litecoin is valued at $54.54 after correcting higher 1.26% on the day. Litecoin and Bitcoin Gold are the only assets still in the green in the wake of the brief rally.

It is likely that LTC will stay above the short-term support at $53. However, if this level caves in $50 will come in handy to stop the declines. The Relative Strength Index (RSI) is holding ground in the overbought to show that the buyers are still in control in spite of the correction.

LTC/USD 1-hour chart