Bearish Influence Brings Litecoin Down Despite UFC Partnership

Following up on our altcoin news, the Litecoin foundation recently announced their partnerships with UFC for their next event.

The altcoin managed to push lower over the previous four sessions and somehow maintained pace but the market bulls weren’t able to sustain the upside momentum. LTC/USD did gain an amazing 66 percent before starting to push back from its position. Litecoin reached $37,75 which is its highest level since 20^th November, but the current bearish influence brings Litecoin down again.

Litecoin will officially be the ‘’Official Cryptocurrency Partner of UFC 232’’ on Saturday in California. The LTC foundation wrote on their blog post:

 “Over the last 25 years, UFC has evolved from a tiny grassroots movement to a global phenomenon. This is largely based on the extremely passionate community. We see many parallels to Litecoin in this way as our amazing community has been instrumental in our growth and providing unwavering passion and enthusiasm that continues to propel us forward.”

Litecoin will have their logo all over the fighting octagon and the team believes that this is a huge milestone for Litecoin.

However, despite the partnership, the price of the altcoin was moving upward igniting further selling pressure after the bears managed to put a break on the upward trend. The pattern that Litecoin formatted is extremely vulnerable to breakout but on the downside. The bears managed to break the lower support trend line.

This raises the concerns whether the bear market is close to being over since the bearish influence is still present and can be clearly seen the charts.