Litecoin slips below $ 50 while the market is bleeding

Litecoin slips below $ 50 while the market is bleeding

Today, October 29, the market is bleeding. After a week of side actions and a weekend of the same, the market suffered a decline at the start of this new week. Since 12 September Litecoin has managed to remain above the $ 50 position. This changed today when the currency fell below this level. At the time of the press, Litecoin traded at $ 49.07, a 5.42% decline in the last 24 hours.

LTC / USD price table, Monday 29 October:

This decline was triggered by a general decline in the market that saw almost all cryptocurrencies fall in the last 24 hours. To mark the market fall, the bitcoin has risen from just under $ 6,500 to $ 6,200 lows. The overall market capitalization fell to just over $ 203 billion with most of the altcoin prices falling from 2% to 10%.

After starting trading day at $ 51, the currency quickly took a bearish turn and dropped to $ 48 lows. The bulls quickly defended this position and brought prices back to $ 49, where they traded at the time of the press. .

Will we see Litecoin take a pick and trade over $ 50?

Many expect these prices to rebound and trade above $ 50. However, this is only if the general market recovers from this recent decline. If the bear market were to continue, this could bring Litecoin's prices to lows of $ 45 and a recovery from that position will be difficult and will see the allies suffer from breaking the lower resistance levels.

So far, the only good news is that panic does not directly concern Litecoin, even if the reason that led to the landfill is not yet clear. The only reason why experts can come at this moment is that there is a correlation between cryptocurrencies and actions that are ending a minimum of 10 years at the end of the month and that their fall has somehow led to cede also the cryptocurrencies.

The next 24 hours will be crucial not only for Litecoin but for all cryptocurrencies. During this period, the bulls will have to resume the market and avoid greater losses.

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