- Global panic over coronavirus has affected crypto markets
- The price of Litecoin LTC inevitably resumed its downward movement
- The coin initially maintained the $50 level for two consecutive days
Litecoin news today – The world is currently in a state of panic over the rise in coronavirus infections. The situation has impacted global equity markets in the last few days. Volatility has been the order of the day in crypto. This means fear has gripped traders and they will likely sell their stock. We should expect to see a surge altcoin and Bitcoin buying. It will be interesting to determine the price level for LTC.
Central Banks to Cut Rates Globally
Central banks around the world will likely to cut down rates aggressively in a bid to tackle the economic downturn caused by the panic the coronavirus caused. The US Federal Reserve has already initiated an emergency rate cut of up to 50 basis points. The Fed is even expected to carry out more rate cuts. The Bank of England has slashed rates by 50 basis points as well. The current panic has also hit the digital currency space hard. Under the current economic conditions, cryptos could potentially offer a ray of hope. But this doesn’t seem likely at the moment. Because the current market sentiment is caused by panic. The price of cryptos including LTC may remain volatile before they even manage to bottom. LTC one of the top coins underperforming re-entered its bear action today March 13.
Litecoin LTC Price Resumed its Downward Action After Holding the $50 Area for 2 Days
Litecoin (LTC) Price Today – LTC / USD
After managing to hold the $50 support area for two consecutive days, the Litecoin price resumed its downward movement on March 11. This downturn picked up some momentum today March 13 and went on to break below the crucial support areas at $38.8015 and beneath this point at $35.8582. The LTC/USD trading pair also broke under this channel and ultimately dropped to post a new low of $29.8560. The likely scenario here if the pair does not re-enter this channel in the next few days, the price decline could potentially extend to the low area of $23.09. However, the RSI for LTC/USD has now dropped deep into the oversold area. This is a move that suggests that the LTC/USD pair will see a rebound in the coming weeks or days. If the price of LTC manages to bounce off its current levels and re-enter the same channel, the bulls will push prices to the $40 area and above this point to $50. We must wait for the formation of a new buy setup before proposing any trade action.