Litecoin attempted to rise on its chart, however, the bears were still strong on the chart. Although the coin showed some recovery, technical outlook pointed towards further decline. Bitcoin too has lost steam as the coin plunged below the $20,000 mark.
Broader market weakness can be attributed to Litecoin’s downward price movement. Closest support line for LTC stood at $45 and the price of the coin was trading very close to the aforementioned support level. The latest drop in price over the past 4 days have invalidated LTC’s weekly gains.
Ever since Litecoin lost the support of $50, the coin has been on a consistent downfall. Buyers have existed the market and that has caused LTC to further plunge in value.
With the slightest bit of demand, LTC could push upwards and cross above the $50 price mark. The global cryptocurrency market cap today is $924 Billion, with a 0.2% positive change in the last 24 hours.
Litecoin Price Analysis: Four Hour Chart
LTC was trading at $48 on the four hour chart. The nearest support line rested at $47 and then $45. The technical outlook pointed towards LTC’s possibility of dipping further on the chart. It might revisit $47 and then could trade at a level lower.
The overhead resistance for the coin awaited at $50. If demand for the coin rises then LTC might move above the $50 price level. For the bearish thesis to be invalidated, the coin has to trade above the $51 level for a considerable period of time. The amount of Litecoin traded in the last…