- Buyers of Litecoin must vigorously defend the $ 50 support and strive to turn back $ 58 and $ 60 respectively.
- "We expect LTC to continue to underperform the cryptographic market substantially," Tushar Jain.
Litecoin sold about $ 360 in January this year. The digital asset lost about 85.5% of its value from the historical maximum. Litecoin has ground its way through support levels to historic lows in November 2017. LTC / USD also suffered under the selloff that dominated the market this September.
The crypt has fallen below $ 50 by testing support at $ 47 before last Wednesday, buyers have stopped selling. The recovery started in the middle of the week continued over the weekend when Litecoin changed hands over $ 58.00. Monday's trading started the week with bear corrections. A break in trendline support triggered a prolonged selloff of $ 50, but stood at a low of $ 50.49 on Tuesday
. At the time of the press, buyers fought for a withdrawal and are currently testing the immediate resistance zone for $ 52.00. Higher, the 23.6% retracement level with the previous high swing of $ 58.78 and a minimum swing of $ 47.27 will limit earnings to the supply zone above $ 58.00.
Litecoin needs to find support above $ 52.00 in the short term and forge a path to final resistance intraday to $ 58 and eventually a break above $ 60. On the downside, support for $ 50 must be defended by all means to stay away from another decline to $ 47 (current primary support).
In other news, a managing partner of MultiCoin Capital Management, Tushar Jain published a blog post titled "Debunking Market Narratives: Litecoin ($ LTC) Edition." In the article Jain said that most of the narratives that were used in the defense of Litecoin are incorrect. Interestingly, he referred to the digital resource as "significantly overvalued" despite the fact that LTC refused to be traded approximately between $ 360 and $ 51 at the time of writing. Jain has much to say while analyzing the results and challenges of Litecoin, but concludes the article saying:
"Litecoin has been trading in a range of $ 41 and $ 358 over the last 52 weeks. 50, we believe that LTC is significantly overvalued Given the lack of a valid investment thesis, non-existent positive catalysts and strong negative catalysts, we expect LTC to continue to underperform the cryptographic market substantially. "
1 hour LTC / USD chart
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