Litecoin to $55?

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Litecoin broke out of the narrow range it had been holding for a few days, between $50.64 and $51.92. This narrow range suggested that a breakout was near and sure enough we were able to break out into the range above. We mentioned that $55.84 was an ambitious target and sure enough, we appear to be meeting resistance in the low $54's. Volume has been extremely thin with Litecoin for the past month, and we will need proper momentum to sustain the rally. If so, $55.84 is a target, but we are likely to face strong resistance here. In the more likely event that we retrace, then those levels mentioned in the low $50's should continue to provide support.