- Litecoin LTC is re-testing resistance at the $50 level
- Litecoin LTC managed to reach $50 after a 13.82% rally
- Litecoin’s market capitalization has risen from $2.6 billion to $3 billion
Litecoin news today – A recent look at the chat shows that Litecoin’s price action has remained positive as the bulls continue to enjoy their moment. Since the tide turned positive after BTC reached the $7k mark, Litecoin’s price has stayed on the good side of the table. The most recent rally took the coin’s total market cap up by a mile. Now, the digital asset is testing resistance at $50. The digital currency is on the move to the $53.55 barrier. Let us see how the price of LTC performed over the last 24-hours.
Litecoin LTC Price Managed to Reach $50 After a 13.82% Rally
The price of Litecoin is re-testing the psychological level of $50 which is also a resistance point. The coin achieved this prove movement after rallying by an impressive 13.82% since the beginning of the week. Even the overall market cap of LTC has risen from the $2.6 billion area to $3 billion as the coin asserts itself as the number seven largest cryptocurrency by market cap. Note that it might take several attempts before we can see a breakout above the $50 area come into fruition for Litecoin. At press time the overall sentiment for Litecoin remains on the bullish side after the break above the $40 area this past Monday. A fresh potential target for Litecoin price to the upside also emerged at the $53.55. This occurred after the coin moved in confluence with the 200-day moving average. This MA has reportedly been a key support and resistance position during Litecoin’s nine-year history.
Coronavirus Might Have an Extended Negative Effect on Digital Assets
It will appear the effect of the Coronavirus pandemic on financial markets may be more potent than we realized. During a period of relative chaos from an economic point of view, it is worth noting that the developments triggered by the coronavirus pandemic may have a long-lasting impact on cryptocurrencies. There is a chance that the financial markets will suffer another downturn.
Litecoin (LTC) Price Today – LTC / USD
If the global markets undergo another sharp downturn as it did on March 13, then digital currencies will suffer again. This is because during such situations panic can lead traders to liquidate to free up cash flow. However, for Litecoin there will still be support levels at $40 and $27. It is also possible that 2018’s low point of $22.45 might be tested one again. Whatever the case is, we will only know Litecoin’s fate depending on the severity of the market sell-off.