Litecoin Back Below $30, More Trouble For The Coin?
Today – December 05, the market is painted in red. The market has seen almost all major coins slip into the red zone with losses ranging between 3% and 15%. Bitcoin, the king of cryptos has dropped below $3,800, XRP below 0.34 and Ethereum is trading around $103. Today’s loss has seen these major coins wipe off their gains from the last five days.
Following this bearish momentum, the market cap has dropped below $130 billion and is now just above $121 billion.
Among the biggest losers of the day is Litecoin which has dropped by 6% in the last 24 hours. Now, Litecoin is trading just below $30. This is a retest of the $0.29 position after initially hitting it on November 25 and just like then, there is panic among holders and this could trigger a massive sell-off.
LTC/USD Price Chart, Wednesday December 5th:
If the bulls are unable to find support, the bearish momentum will see hit $28 in the next couple of hours and if the bearish trend further extends, Litecoin could fall to lows of $25. The bulls will however not go down without a fight. They will be looking to get prices above the $30 position as soon as possible. Furthermore, they will need to ensure that prices remain above that position and a higher support level is established.
Three weeks ago, Litecoin was trading above $50 and the bulls only panicked when prices fell below this position.
Following the bearish momentum that keeps hitting the market, the bulls would give anything to be just under $50.
If a bullish rally was to sweep the market, Litecoin has the potential of rallying well above $40. But a rally that sees Litecoin rally this high would have to be triggered by the wider market or a major positive announcement from the project.
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