/istock_67077423_small_bitcoin_litecoin_blockchain-5bfc3045c9e77c005144cdd4.jpg)
[ad_1]
For litecoin (LTC), the first half of the year was tumultuous, but the price of cryptocurrency n. 6 by market capitalization has broadly reflected that of bitcoin (BTC). As the leading digital token, LTC rose above $ 100 at the start of December 2017, reaching stratospheric peaks of around $ 250 before the end of the year. Over time since then, LTC has also followed in the footsteps of bitcoin (BTC), falling back to pre-peak levels. The totality of 2018 up to this point has seen the value of LTC above $ 100. Now, however, analysts are wondering if the litecoin could plummet below this important threshold.
LTC falls below $ 120 and $ 115 supported
An Ethereum World News report notes that the LTC has recently declined by a significant margin, dropping below the crucial support levels of $ 120 and $ 115 compared to the US dollar. Also, there is a new bearish trend line, which indicates a resistance to $ 110.
The report notes that the price of the LTC is currently improving, trade close to the Fibonacci retracement level near 23.6% from the last decline earlier this week. Nonetheless, upward barriers remain for buyers near the $ 108 level.
On the downside, the recent minimum of $ 102 of LTC marks short-term support. If the price breaks below that level, it could open the door for a push down below $ 100, with the next significant support close to $ 95.
The recovery of LTC is exacerbated by the fact that the overall cryptocurrency market remains bearish. Indeed, many of the major digital currencies have declined significantly in recent days.
Importance of the psychological barrier
If LTC falls below $ 100, it could also have important psychological effects on investors. Such a decline could push further negative feelings on the digital currency. At the time of writing this article, litecoin's market capitalization is around $ 6 billion, with a 24-hour trading volume of only $ 405 million. This volume is only about 1/14 of the bitcoin exchange volume over the same period and is more in line with the volume of ripple, the third largest digital currency. Still, litecoin has seen a smaller percentage drop in the last 24 hours compared to ripple, bitcoin or EOS money, which all remain positioned above it at this time.
Investing in cryptocurrencies and Initial Coin Offerings ("ICOs") is highly risky and speculative, and this article is not a recommendation of Investopedia or the writer to invest in cryptocurrencies or ICOs. Since the situation of each individual is unique, a qualified professional should always be consulted before making any financial decision. Investopedia does not make any representations or warranties regarding the accuracy or timeliness of the information contained in this document. On the date this article was written, the author owns bitcoins and ripples.
