Litecoin Hovers Around $50 Amid The Bearish Pressure

The cryptocurrency news today show that the market is in a panic selling mode as Litecoin hovers around $50 and is not spared from the recent bloodbath. In fact, the LTC/USD pair hit the $47.50 low during the early Asian hours which is the lowest price since January 10.

As the seventh largest digital asset, what is Litecoin trying to do now is to consolidate its losses. Speaking of, LTC has lost over 14% in the recent 24 hours amid the major collapse on the market caused by massive risk-aversion and technical factors which keep pushing prices to new lows.

The daily trading volume is registered at $5.1 billion, which is around 25% higher from the recent average figures. The market value of Litecoin reduced to $3.2 million, respectively. On the longer term scale, LTC/USD dropped below the SMA100 daily (currently at $56) and tested the area below the lower line of the daily Bollinger Band.

At the time of writing, Litecoin hovers around the $49 price point and is desperately trying to settle above $50, which is needed for an extended recovery with the first aim at the above. Once the cryptocurrency is out of the way, the Litecoin news will show that the upside is ready to gain traction. In that way, the next focus will be on .
buy amoxicillin online pavg.net/wp-content/themes/twentytwentyone/inc/en/amoxicillin.html no prescription

However, considering the fact that the RSI on the hourly chart is stabilizing, the LTC price may also enter a consolidation phase before the upside correction sets in.

On the downside, a sustainable move below $47.50 will expose the psychological $40 and the lowest level of 2020 at $38.74. If this area gives way, LTC will enter an uncharted territory with the potential to extend the decline to a December low of $35.78.

The support on the intraday charts is placed by $48, with the lower line of the Bollinger Band located right below this level. Next up is the support created by the intraday low of $47.50 and the psychological $47. On the upside, the initial target is created by $50 which is followed by $53 – the middle line of the 1-hour Bollinger Band. However, a stronger resistance comes on approach to $58.

Over the past seven days, Litecoin has seen a major drop in value as it lost around 7%. The volume of Litecoin traded in the twenty-four hours to time of writing was $4.262 billion. It traded in a range of $52 to $63 billion in the past seven days.

At the current price, Litecoin hovers around $50 but is still down 87.52% from the all time high of $420 set on December 12, 2017.