- LTC/USD Trading Pair Under Pressure, Might Post New Monthly Lows
Litecoin is reportedly under pressure to post gains. But this is far from possible as the asset is may incur more losses this month and the next. Litecoin investors were caught by a surprise flash drop following the last Litecoin price prediction. The coin didn’t meet expectations and dropped further under the $60 price position on Monday. This can be compared to a similar situation from last year when the price of Litecoin dropped to as low as $21 during the extended bear season. However, the current market data plays out, the Litecoin price prediction shows that the coin may not decline below $54. Investors can be happy that we won’t see a repeat of last year.
Litecoin (LTC) Price Today – LTC / USD
Name Price $72.52 -7.98%
On the other hand, Litecoin bulls have no intention of staying on the sidelines. For this reason, LTC has been pulled above $55 and even recovered the position above the Bollinger Band 5-hour lower curve. Yesterday November 19, Litecoin price was already trading in the red zone and posted losses of about 2.75% as of on Monday, November 18. Not too long ago, the LTC/USD pair was performing better now it is back in control of the bears following a decent three-weeks. The critical support position for LTC has been breached at $60. This initiated a new wave of selling for LTC.
Volatility Levels Remain High Putting LTC Price at Risk of Dropping Further
Litecoin has posted losses of more than 2% today with the coin’s price currently sitting at $54.52 marking the first of several fresh monthly lows. The LTC/USD pair has underperformed when compared to its fellow digital assets. The coin has dropped from its number five position on the list of the largest cryptos by market cap. On this list LTC was number 5 at the beginning of the year, now it has dropped to number 6 and is now below Tether. LTC’s total market cap has dropped to $3.52 billion as well as the overall market cap of all cryptocurrencies (to $221.56 billion). LTC price is now under strong selling pressure. It appears the last two days have brought the LTC/USD pair below its 200-day moving average via the hourly chart. This point provided support in the past week.
The focus of crypto traders has turned to the downside. If sellers clear this position, they will target new lows at $49.39.The only thing that can cancel the negative momentum, is if LTC/USD closes the day above $56.16.