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Litecoin LTC price hits another bearish snag to $52

Litecoin LTC price hits another bearish snag to 52

Litecoin LTC price trend has been shaking ever since the all-time-high after the Litecoin halving event, and the Litecoin price has hit the fifty-two dollars ($52.21) mark today.

Litecoin (LTC) has recently lost its position on the 4th place among the top five cryptocurrencies. The cryptocurrency has a market capitalization of over three and a quarter billion dollars ($3.316B) and the trading volume of almost three billion dollars ($2.97B).

Litecoin LTC price chart - 1 - 16 October 2019Litecoin price chart by Trading View

In the past five days, the highest point was seen at the fifty-eight dollars ($58) mark, and the lowest point was below fifty-one and a half dollars ($51.41) mark, which is the current support level as well.

LTC price is facing the nearest resistance at over fifty-three dollars ($53.31) at the time of writing.

Litecoin LTC price movement: What to expect?

Litecoin’s (LTC) unsuccessful attempts to surpass the twenty (20) day Exponential Moving Average has attracted selling. The coin is now able to drop down to the crucial support placed at fifty dollars ($50).

While the twenty (20) day Exponential Moving Average (EMA) has begun to go down, the Relative Strength Index (RSI) has turned back to the negative region. This means that bears are likely to occur in the coin’s market.

litecoin ltc price chart prediction - 16 october 2019

Litecoin LTC price chart by Trading View

Further decline past the fifty-dollars ($50) mark may take LTC’s price down to forty-dollars ($40).

The LTC/USD trading pair might stick to the range for a couple of more days, only if the bulls tend to defend the fifty-dollars ($50) support.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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