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Litecoin LTC heads a $ 20 position, can the bulls save the coin from its debris?
Litecoin has always been associated with Bitcoin for its shared attributes. The coin has even gone further to be nicknamed bitcoin cousin. The association is because Litecoin is a peer-to-peer payment protocol and cryptocurrency with a subtle difference as it has a higher bid limit than bitcoin. The association of Litecoin with bitcoin has ensured success over the years and has seen that it has been widely adopted. But his association with the crypto leader was a double-edged sword. Especially in times when bitcoin prices have been in difficulty, Litecoin has been dragged to the hilt.
In recent weeks, Litecoin, just like the broader market, has felt the effect of the recent bitcoin downtrend.
Following the decline in bitcoin from a high of $ 6,500 to a low of $ 3,500, Litecoin fell from a high of $ 50 to a minimum of $ 23. The position of $ 23 is the lowest that the currency hit in 2018 and the holders hope that the currency has finally reached the bottom in this position.
However, over the last two weeks, the market has shown that a fund for most currencies is not close. So, could Litecoin aim for a $ 20 position?
At the time of the press, Litecoin has fallen by more than 5% in the last 24 hours and trades at the $ 23 position. Today's fall outlines a short-term bearish momentum, a move that could see prices drop to $ 20.
Within a couple of hours, the bulls will try to recover prices and pull them up while setting a higher level of support. If Litecoin were to slip below $ 23, this would prepare him for a dramatic sale, worsening his position. In the long run, Litecoin is still a resource of choice for any holder given its wide adoption, partnerships and developments. But in the short term, the high volatility in the broader market is sending investors from the other side.
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