The cryptocurrency market is again in the stranglehold of bears. Most of the cryptocurrencies are falling indiscriminately. Even though the falls are not greater than 5% to 7% but they are uniform across the board. Litecoin is also trading at a 12 day low.
Trading below $ 200:
$ 200 was a psychological support for Litecoin. However, currently, it is trading around $ 182. In the last 24 hours, it has fallen by approximately 9%. It hit even at the low of $ 177 earlier. This indicates that it is at the lowest level since February 23.
For the last 60 days, Litecoin has been pretty sturdy. It has raised in value from the hard fork as well as the news of Litepay. However, it seems like the current negativity is not allowing Litecoin to rise.
On the technical charts, the pattern which Litecoin is forming is that of lower highs and higher lows. This clearly indicates that in the coming days, it can fall even more.
The current market capitalization of all the cryptocurrency stands around for $ 420 billion. This is again a fall of approximately 19% from the high $ 520 billion on February 16.
If at all, Litecoin closes below $ 181 for the week, it can head all the way down to $ 137. This is the reason why investors are pretty nervous about Litecoin currently. Most of the investors are not able to figure out whether is it is a good buying opportunity or whether they should avoid catching the falling knife.
If indeed, it is able to sustain above these levels, it can head to $ 210 on an immediate basis. However, it will need a significant amount of momentum in order to do so. This will also mark the reversal of the bearish trend in Litecoin as well. This is the reason why the movement of Litecoin is being closely watched as well.
The problem is that with most of the cryptocurrencies falling, the momentum is hard to come by. Even with the frontline cryptocurrencies like Bitcoin, momentum has disappeared. This is the reason why it seems very difficult that Litecoin will be able to gain momentum back by the end of this week. Also, with most of the announcements behind Litecoin, there is no momentum gain as well. This is the reason why it seems like Litecoin will stay around these levels or if it breaks the supports on a weekly basis, it can head down even further.