The digital currency market is tumbling, and its total market cap is down from about $380 billion (as at May 22) to $265 billion. This indicates that there has been a pick in the selling momentum.
After a very long downward movement, sharp falls means that the investors are gripped by panic and they are just selling off at any given level. This appears to be the state of the digital currency market at the moment.
Litecoin Price Today: Current Price of LTC
At the time of writing, Litecoin (LTC) is sitting at the number 6 spot on the list of most valuable digital currencies in the world based on market cap. The digital currency is currently trading at $96.6 after a decrease of 1.7 percent in the last twenty-four hours and 21 percent in the last seven days.
The digital currency has a market cap of $5.48 billion, and the total trading volume of Litecoin (LTC) in the last twenty-four hours is $373.26 million. Litecoin is one of the best performing digital currencies in the market, but its values were affected by the recent bears in the market.
Litecoin (LTC) Price Analysis
Litecoin (LTC) broke its critical support level at $107 and the 12th of June, and this completes the bearish downward triangle pattern. The pattern targets of this downward movement are off the chart of the digital currency, hence, traders are required to take it one step at a time.
The present support line of the digital currency is at $84.7 and beneath this, the next support level will be at $75. It is not easy to predict which of these support lines will hold. The relative sales index is currently in the oversold zone; hence, it is possible for the digital currency to recover in a short time.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.