Litecoin LTC, like many other altcoins, fell when the Bitcoin BTC token fell significantly against the USD. However, Bitcoin’s recovery above the $11k level has not been beneficial to Litecoin.
At the time of writing, the price of Bitcoin BTC was $10,978.70. It is up by 0.23% against the USD with a trading volume of $24,513,972,068 and a market capitalization of $203,167,108,372. Bitcoin moved above the $11k level yesterday but this rise was short-lived and the token is now trending lower against the USD.
The technical indicators for Litecoin LTC show that the altcoin has gone through a bearish crossover with the MACD moving toward the signal line and the relative strength index moving from the oversold region to the neutral zone. Rise above the $49 level is crucial if the token is to enter the bullish territory soon.
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.
- The Litecoin LTC Token Has Been Hovering Above the $48 Level for Days
- The Resistance at $49 is Strong and a Surge Above this Level is Essential if it is to Break the Bearish Pressure
Litecoin LTC has been struggling against the USD for a while. The bearish pressure was intense but the LTC token managed to glide through the consolidation phase without losing the support at $47. Still, the token is simply struggling to move above the resistance at $49 which is currently the strongest near-term resistance.
The next key resistance after $48 is at $51 and moving above this resistance is crucial to the bullish pressure of LTC.
Litecoin LTC Continues To Shed Recent Gains
At the time of writing, the price of the Litecoin LTC token was $48.37. This means that it is up by 0.08% against the USD and up by 0.20% against Bitcoin BTC. The trading volume over a 24 hour period was $1,714,968,812 and the market capitalization was $3,167,886,047. The Litecoin LTC token can’t seem to catch a break above the $48. It has hovered around this level consistently for days.
Because the Litecoin LTC token was trading above the $60 level a few months ago, it’s sad that it can’t move above the $50 level simply because of resistance at $49.
If we didn’t know better, we would say that the Litecoin LTC token was a stablecoin that is pegged to the USD at $48. The token is currently trading like a stablecoin that moves up and down but hardly ever below its pegged level. The token might take another dip before the weekend ends. This dip will be supported at $47, a level that has acted as support for the past few weeks. If the Litecoin LTC token breaks the support at $47, another support at $46 will hold the line preventing lower lows.
