Weekends in losses for Litecoin LTC after a short price rally
The weekend was quite confusing for many traders after the market climbed dramatically only to collapse.
Although the short-term rally has seen short-term resistance levels break, the fall has seen them wipe out these gains and fall below new levels of short-term support. Among the coins with deep knees in red is Litecoin which has fallen by over 6% in the last 24 hours.
Over the weekend, Litecoin climbed in a couple of minutes to reach a maximum of $ 33. The wave came after a long week of side actions that saw the Litecoin trade inside the $ 31. When the surge hit and prices rose to $ 33, Sunday, a $ 35 position seemed inevitable to go in the week. Unfortunately, the cryptography market is not that simple and the coins are sporadic and highly volatile.
On Monday, Litecoin decreased by more than 6%, canceling weekend earnings and interrupting the level of short-term support. The currency has successfully rebounded from the $ 30 position and at the time of printing it is traded just above $ 31. Its quick recovery to rebound over $ 30 and the resilience of staying above $ 31 will be a positive sign for most traders. Even though it is down 6% and among the biggest losers of the day, it's a real optimism as long as it stays within its range, which is $ 31 to $ 33.
Even if we are close to the end of the first month of the year, it is not clear which direction the market plan should take. The nuisance and the nappa between the bears and the bulls must still bring out a clear winner, waiting for effective news that can push the market.
The 2019 year is predicted to be a year of turbulence for the financial sector and many expect it to rise in the storm and the cryptocurrencies. You can be sure that when this happens, Litecoin will be among the first coins to go up.
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