Litecoin Price gains 3.5% in one day

Litecoin Price gains 3.5% in one day

LTC/USD pair showed several attempts to break the critical resistance level near $70.951.  However, the bulls seemed to be overpowered by the bears that are now crashing the market momentum.  A breach below $68.964 support level was also encountered that reflected strong selling pressure. The dip has thereby moved the opening price from $70.378 and is now changing hands at $68.525.  That translates to a down surge of 2.6% over the intraday. "Litecoin Price gains 3.5% in one day"

Litecoin Price gains 3.5% in one day

On the contrary, the Bollinger bands are expanding that suggested an increase in volatility.  However, further decline is foreshadowed, with the moving averages giving a bearish sign. The RSI indicator that is trading north ways and is closed to the negative zone that suggests that sellers have the upper hand.

LITECOIN PRICE PREDICTION

The support level was breached and is now seen below $68.000.  A downside correction below $68.000 may trigger the market momentum to hit downwards below $49.000 and 50.000; thus, it is advisable for traders to take a short position.

Litecoin has been able to fetch a decent growth of 3.5% in the last 24 hours and it’s one of the few coins which have achieved this feat amidst gloomy market conditions. The coin has been through four price shifts and in the short-term, the coin may not get any huge hike.

Litecoin has a considerably high user base and the coin has a strong fundamental on its support. The coin has been performing with huge stability amidst the gloomy times. However, no significant hike seems likely in the short-term.

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