Litecoin LTC May Test the $40 Support if the Downtrend Continues. Litecoin hasn’t been among the best performing cryptocurrencies since after the 2017/2018 bull run that allowed it to test its all-time high.
The silver to Bitcoin’s gold has seen better days. After the price of the token bottomed out last year, everyone believed that it would face smooth sailing upward. The token managed to rise as high as $100 earlier in the year but this was followed by a bear run that took the price lower against the USD. As the price of the token changed this morning, the trading volume dropped by over 29.95%. The good news is that it was up significantly from seven days ago.
At the time of writing, the price of the token was $48.51. It was down by 2.03% against the USD and down nu 5.76% against Bitcoin BTC. The trading volume over a 24 hour period was $2,618,620,684 and the market capitalization was $3,158,943,026. Over the weekend, the price of Litecoin LTC increased by more than 11% testing the $47.62 level. Shortly after, it increased again to the $49.00 level where it faced resistance and started correcting lower against the USD.
Gaining significant upward momentum has been relatively difficult for Litecoin since May. If the token falls below key support lines soon, traders might start selling out to prevent taking heavy losses.
There is immediate support at the $45 level. If the token breaks this support, it will move lower and lower near-term. There is a strong chance that Litecoin LTC will fall below the all-important support at $40. The next stop after this level will be at $38. The market is unpredictable. So, there is no clear cut evidence to prove that the token will face key decline. At the same time, there is nothing to show that it will rise anytime soon.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.
- Litecoin LTC Starts the Day Trading Lower Against the USD by 2.14%
- Bitcoin’s Surge Above the $10,000 Level Means Significant Market-wide Recovery Might be on the Way
This weekend, Litecoin LTC had a taste of the market-wide rally. The price of the token increased and it was heading towards the $50 level. Unfortunately, the price started to correct lower against the USD before it could make that move.
This morning, the token started the day trading down by 2.14% against the USD. Compared to other top tokens this morning, Litecoin is currently ranking in the 4th place in terms of price change. The change in price has also been accompanied by a change in volume and market capitalization which we will address shortly.
