Litecoin back under $ 30, more problems for the coin?

Litecoin back under $ 30, more problems for the coin?

Today, December 5, the market is painted in red. The market saw almost all the main coins slip into the red zone with losses between 3% and 15%. Bitcoin, the king of the criptos fell below $ 3,800, XRP below 0.34 and Ethereum is trading around $ 103. Today's loss has seen these important coins wipe out their earnings over the last five days.

As a result of this bearish momentum, market capitalization has fallen below $ 130 billion and is now just over $ 121 billion.

Among the biggest losers of the day is Litecoin which has fallen by 6% in the last 24 hours. Now, Litecoin is trading just under $ 30. This is a new $ 0.29 position test after initially striking it on November 25th and, just like back then, there's panic among the owners and this could trigger a massive sale.

LTC / USD price chart, Wednesday 5 December:

If the bulls are not able to find support, the bearish momentum will hit $ 28 in the next couple of hours and if the downtrend will extend further, Litecoin could fall to $ 25 lows. , they will not go down without fighting. They are trying to get prices above the $ 30 position as early as possible. Furthermore, they will have to ensure that prices remain above this position and that a higher level of support is established.

Three weeks ago, Litecoin traded above $ 50 and the bulls panicked when prices fell below this position.

Following the downward momentum that continues to hit the market, the bulls would give anything to be just under $ 50.

If a bullish rally were to sweep the market, Litecoin has the potential of the rally well above $ 40. But a rally that sees the litecoin rally so high should be triggered by the larger market or by an important positive announcement of the project.

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