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Litecoin price analysis: the market goes back to bleeding when LTC / USD loses 2.5%

  • The cryptocurrency market withdraws from $ 200 billion as the cryptosics start to disappear.
  • Litecoin interrupts trendline support but finds shelter above $ 53.00.

The uptrend in the market was halted on Friday while the scrambled cut the gains accumulated since Wednesday. The largest cryptocurrency by market capitalization, Bitcoin has withdrawn from the intraday highs of $ 6,582.05 and is currently seeking a balance of more than $ 6,450. The cryptocurrency market closed at $ 200 billion on Thursday, but at the time of writing it dropped back to $ 199 billion.

Litecoin corrected yesterday up from the lows of $ 47.27 and exceeded $ 55.00. The bullish momentum fell to $ 56.00 but has become bearish due to increasing sales pressure. Sellers increase their revenue by pushing the price below the trend line at $ 54.87. Short-term support at $ 54.00 yielded to bear pressure, but the downside was supported at $ 53.00, although the price tested the 61.8% level of Fib.

Litecoin buyers are making attempts to recover losses on the day but support turned resistance at $ 54.00 hinders the move. If the price can get above this level, $ 56.00 is at hand, plus buyers will have a clear path to medium-term resistance at $ 60.00. The 50SMA timetable is an immediate supply zone, but the main support is $ 47.00.

LTC / USD Chart 1 hour

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