Litecoin (LTC) Holds Its Support Line Strongly To Prevent Further Loses

The digital currency market has been pretty indecisive over the past couple of days, and most digital currencies are heading downwards gradually. The value of Litecoin (LTC) has failed to recover over its hurdle point, and it has declined below the $82 mark. The digital currency needs to stay over the $80 support level in order to prevent further declines.

Litecoin (LTC) Price Today – LTC / USD

Name Price24H (%)
Litecoin (LTC)
$23.33
-3.96%

At the time of writing, Litecoin (LTC) is slightly trading over is support level, and the coin is presently valued at $81 after a decrease of about 2.6 percent over the past twenty-four hours. The current market of the digital currency is $4.74 billion and its trading volume over the past twenty-four hours is $282.16 million.

Litecoin (LTC) Price Trend and Analysis

Litecoin (LTC) was initially facing a strong resistance at the $85 mark, but it failed to break over that level. The value of the digital currency gradually declined downwards and broke the support levels at the $83 and $82.5 mark. From the chart of the coin, the value of the coin plunged and traded close to a critical support at the $80 market and settled beneath the 100-hourly SMA.

The value of the digital currency even went as low as $79.74 before it started consolidating higher. The value of the coin moved over the 38.2 Fibonacci retracement level of the previous swing from the high of $84.56 to the low of $79.74.

Nevertheless, the previous support at $82.50 acted as a hurdle for the coin on the upside. Also, there is a formation of a major connecting bearish trendline with resistance close to the $82 mark as indicated by the hourly chart of the coin.

If the digital currency declines below its support level at the $80 cent mark, it could open doors for declines towards the $75 mark. On the upside, if it breaks over its immediate resistance at $82.50, it could gather momentum to head towards the major resistance at the $85 level.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.