Litecoin (LTC) Breaks a Major Support Level

Technically, if you take a top to bottom approach on Litecoin (LTC), the digital currency is correcting higher. Nevertheless, after what happened yesterday where the value of the coin declined by almost ten percent from fourteen percent earlier this week, the bulls of Litecoin (LTC) seems to be on a shaky ground.

Litecoin Price Today: Current Price of LTC

At the time of writing, Tron is still holding the number 6th spot on the list of top digital currencies in the world with a market cap of $4.7 billion. The digital currency is currently trading at $82 after a decrease of 3.6 percent over the last twenty-four hours, and the trading volume of Litecoin (LTC) over the past twenty-four hours is $281.6 million.

Litecoin (LTC) Price Analysis

LTC wasn’t able to hold gains over the $85 mark, and the digital currency is now at a risk of further losses towards the support level at $80. Two days ago, Litecoin (LTC) was facing a resistance at the $90 mark. The coin struggled to surge higher, but the bears brought it down below its support level at the $85 mark.

Based on the chart, the value of the coin started a new downward movement and declined below the $85 and $84 support levels. There was also a decline beneath the 50 percent Fibonacci retracement level of the previous swing from the low of $77 to the high of $89.89.

However, the important bullish trendline of this week with support at the $85 mark was breached on the one-hour chart of LTC. This resulted in more losses that brought the price of the coin down to the $82 level. The immediate support of the coin is at $80.

If the coin breaks below this level, chances are it will test its previous low of $78. On the other hand, if it trades above this level, then it could retest the $85 mark in the short term.

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.


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