With the market cap almost touching $3 billion, Litecoin is the fifth largest cryptocurrency. The asset was recently selling for a record high price of ~$90, before dipping, and has still given investors a 10x return over the past 6 months.
- The dominating bearish trend resulted in 9.8% price drop, and LTC/USD is currently trading at $55.1
- Strong support levels at $52 and $54 helped a price recovery, but resistance at $59 and $55 had done otherwise
- Against BTC, LTC lost 10% week-on-week, and the current price is lingering around 0.0096 BTC
Litecoin is a Bitcoin fork created by Charlie Lee in 2011. LTC differs from BTC in a few ways, namely: a shorter block time, increased supply, and a different Proof of Work hashing algorithm. Lee sees BTC as digital gold, and LTC as digital silver.
On the weekly chart, a week-long bearish trend is prominent. LTC lost 9.8% of its value as the price dropped from $61 to $55. A strong support level at $52, checked any further price drop.
Though we have seen a momentary bullish trend for 24 hours, the price again dropped because of the resistance at $58. A support level at $53 is again struggling to reverse the trend into bulls.
Moving to the daily chart, we can see a gradually bull market with resistance and support level at $54 and $56 respectively. Though the last four candles are indicating a selling mentality among the traders. LTC is currently trading at $55.1 against USD.
Against Bitcoin, LTC lost 10% over the week. The bearish trend is dominating the weekly chart, but support at 0.0091BTC resulted in a sudden surge in buying which almost recovered the weekly starting price. But again the bearish trend took over, and LTC is now trading at 0.0096 BTC.
Overall, it was a bad week for the Litecoin traders. But if we take a look at the bigger picture, Litecoin is one of those coins which performed well with good ROI. So the traders cannot remain shy from this coin.Trade on Litecoin
NOTE: This article is not an investment advice. Any references to historical price movements or levels is informational and based on external analysis and we do not warranty that any such movements or levels are likely to reoccur in the future.
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