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Over the months Litecoin (LTC) decreased significantly against the USD and the entire cryptocurrency market. This month was a small recovery that allowed the cryptocurrency to exit the descending channel. In the last four trading sessions, however, the price of Litecoin (LTC) is down compared to the USD. It broke out from the rising channel that gave power to sellers on the market. The bulls were not able to maintain the upward momentum as it was held last week when it rose by 66%.
Litecoin collaborates with UFC, but the price continues to decline
Last week, when Litecoin was up against the USD, it rose to $ 37.75. This is the highest level that has traded since November 20th. Unfortunately, there are many bearish indicators showing that the price will not reach a short-term uptrend.
According to a recent announcement, Litecoin will be an official partner of the UFC 232 cryptocurrency. The event will be held in California on Saturday night. The official UFC blog has clarified. Part of it was: "Over the last 25 years, UFC has evolved from the small basic movement that was a global campaign, which is mainly due to the commitment of the passionate support of the community we are getting. parallels with Litecoin and our extraordinary community have played an important role in our growth and have also shown unshakable enthusiasm and passion that push us forward ".
During the event, the Litecoin logo will be displayed in the octagon. This is part of the partnership and sponsorship agreement between the two parties. Regarding the partnership, the Litecoin team declared: "This is a milestone for Litecoin and for the cryptocurrency market as a whole, because no cryptocurrency has ever sponsored our UFC event so far."
Litecoin (LTC) Price analysis
The price of Litecoin (LTC) was in a rising channel for four hours until the bears entered the market and drove the bulls out of the way. Sellers have emerged and have begun to put pressure on the market. This is rather discouraging since there was a recent bull run between the 17th and the 24th of this month when he was in a formation of rising canals. This model was technically vulnerable to a downward decline.
This is why bears have been able to breach the lower support trend line by opening a way for sellers. This has fueled the decline and created a short-term bearish trend. The brief uptrend before Christmas gave traders the hope that the bear market had finally come to an end. The short-term demand area is $ 30 and $ 27. Falling below this level will bring the lowest price to $ 23.
At the time of writing, the price of Litecoin (LTC) is trading at $ 29.10. This shows that it is down 3.82% from the US dollar and down 0.63% from BTC. The trading volume over a 24-hour period is $ 420,338.138 and the market capitalization is $ 1,738,983.495. The next trading days will determine if the price action will change. Everyone expected that the price of LTC would increase with the UFC announcement, but it did not.
