Despite UFC Partnership Announcement, Litecoin (LTC) Drops Against The USD

Over the months, Litecoin (LTC) has fallen significantly against the USD along with the entire cryptocurrency market. This month, there was a minor recovery that allowed the cryptocurrency to break out of the descending channel. Over the last four trading sessions, however, the price of Litecoin (LTC) has been declining against the USD. It broke out of the ascending channel giving sellers power over the market. The bulls could not hold the upward momentum the way it was held last week when it increased by 66%.

Litecoin Partners With UFC But Price Continues To Decline

Last week, when Litecoin was rising against the USD, it went as high as $37.75. This is the highest level it has traded since the 20th of November. Unfortunately, there are many bearish indicators that show that the price isn’t going to gather bullish momentum short-term.

Litecoin (LTC) Price Today – LTC / USD

According to a recent announcement, Litecoin is going to be an Official Cryptocurrency Partner of UFC 232. The event is going to take place in California on Saturday evening. The official blog post by UFC made it clear. Part of it was as follows:“For the past 25 years, UFC, has evolved from the tiny grassroots movement it used to be to a global campaign. This is mainly due to the effort by the passionate community support we have been getting. There are many parallels to Litecoin and our amazing community has played a major role in our growth. They have also shown unwavering enthusiasm and passion that pushes us forward.”

During the event, the Litecoin logo will be displayed in the octagon. This is part of the partnership and sponsorship agreement between both parties. About the partnership, the Litecoin team said:“This is a milestone for Litecoin and for the cryptocurrency market as a whole because no cryptocurrency has ever sponsored our UFC event until now.”

Litecoin (LTC) Price Analysis

The price of Litecoin (LTC) was in an ascending channel for four hours until the bears penetrated the market and kicked the bulls out of the way. The sellers emerged and started applying pressure in the market. This is rather discouraging since there was a recent bull run between 17th and 24th this month when it was in an ascending channel formation. This pattern was technically vulnerable to a decline downside.

This is why the bears were able to breach the lower supporting trendline paving a way for sellers. This fueled the decline and created a short-term bearish trend. The brief bullish rally before Christmas gave traders hope that the bear market had finally come to an end. The demand area short-term is at $30 and $27. Falling below this level will bring the price lower to $23.

At the time of writing, the price of Litecoin (LTC) is trading at $29.10. This shows that it is down by 3.82% against the USD and down by 0.63% against BTC. Ths trading volume over a 24 hour period is $420,338,138 and the market capitalization is $1,738,983,495. The next few days of trading will determine if the price action will change. Everyone was expecting that the price of LTC will increase with the UFC announcement but it didn’t.


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