The value of Litecoin (LTC) has recently declined heavily towards support at the $ 50 mark against the US dollar. The value of the digital currency has extended its declines and has exceeded the value of $ 50. Litecoin (LTC) remains at risk of testing the $ 45 mark if it does not recover and exceeds the $ 50 level.
Litecoin (LTC) Price today – LTC / USD
At the time of writing, Litecoin (LTC) is changing hands at $ 49.81 after a decrease of about ten percent in the last twenty-four hours and a decrease of about 26 percent in the last seven days . The current market capitalization of the digital currency is $ 2.83 billion and the volume of trade in the last twenty-four hours is $ 283.91 million.
Litecoin Price Analysis (LTC)
Yesterday, the value of Litecoin (LTC) started to decline trend and broke below support at the $ 54 and $ 52 levels. From the LTC / USD chart, the value of the Digital currency declines further and has even traded below the crucial $ 50 support sign. The digital currency has also formed a new monthly minimum near the $ 49 level and Litecoin (LTC) is now trading below the mere average 100-hour mobile phone.
In addition, there was a break under yesterday's main contractual triangle with support for the $ 54 mark on the 1-hour chart of the currency. The chart shows that the value of the currency is following a descending monster channel with support close to $ 49.60.
On the upside, the value of the digital currency is consolidating near the $ 50 level with an immediate obstacle at $ 51.40 and the Fibonacci retracement level of 23.6% of the previous swing from a maximum of $ 56.54 at a minimum of $ 49.85. Above the $ 51.40 level, there is a downtrend line trend formation with an obstacle at $ 52.50 accompanied by the 50% Fibonacci retracement level of the previous swing from a maximum of $ 56.54 to a minimum of $ 49.85 to $ 53.20.
So, if the value the currency swells higher, it is likely to make many hurdles close to $ 52 and $ 54. For Litecoin (LTC) to recover its previous position, it needs to increase beyond the sign of $ 55. On the other hand, if the digital currency continues its downward movement, it could find support near the $ 45 and $ 42 levels.