Litecoin price analysis: bears push LTC / USD to $ 50.00 because the market chooses to ignore fundamentals

  • LTC / USD is again controlled by bears, $ 50.00 close at hand.
  • Litecoin, the seventh digital asset with a market value of $ 3B, is changing to $ 51.58, down 7.5% on a daily basis and almost 1% from the start of Tuesday. The average daily trading volumes of the currency are set at $ 284 million, which is the long-term average. Litecoin is slipping along with other altcoins between the bearish sentiments established on the cryptocurrency markets. Movements are dominated by speculative positions and technical factors

    Litecoin Technical Framework

    Technically looking, Litecoin must remain above $ 50.00 to avoid more pronounced sales towards the recent low recorded at $ 47,231 on September 12 . This psychologically important is likely that the area will stop falling and attract new buyers in the short term, creating a rangebound trading environment.

    On the upside, the first resistance is seen at $ 54.20 (SMA200, 1 hour chart), followed by $ 54.5 (SMA50, 1 hour chart) and a major $ 55.00. Once this area has been canceled, the shot could be extended to the short-term final goal at $ 60.00.

    The New York-based cryptocurrency exchange announced LTC support, however, the crypto community has just yawned in response. This is the case in which no reaction is so indicative as a strong movement. In the past, such listing news was considered a huge bullish signal and caused a strong rally as it meant more adoption, more widespread use and so on.

    But now the reaction is muted or short-lived at best, which could mean that the cryptocurrency market is moving farther away from the fundamentals, however few are, controlled entirely by speculative flows.

    LTC / USD, 1 hour chart

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