Earlier, Litecoin seemed to be making an attempt at reclaiming some of yesterday’s losses as the Litecoin LTC price climbed over 11 percent.
Now, however, as Bitcoin reports losses of over 15 percent, Litecoin’s advance has been halted. At the time of writing, the Litecoin LTC price is $33.89 with 2.66 percent in the red.
Yesterday, the market witnessed a bloodbath across the board for all cryptocurrencies. Both the crypto market and the stock market have been especially volatile lately, aggravated by concerns over the predicted impacts of the new coronavirus.
Perhaps no other cryptocurrency knows this better than Ethereum as it recently tanked over 40 percent in a single day. Yet, as some currencies continue taking losses, Litecoin was posting gains of upwards of 11 percent. However, its advance seems to have failed as the coin slips back into the red.
Litecoin LTC price recovers from yesterday’s losses
With the Litecoin LTC price dropping as low as $25 recently, analyst Altchicasignals believes this was a fantastic buying opportunity as it seems unlikely Litecoin will drop that low again in the near future.
With that being said, the analyst does note that LTC is now overextending its buying pressure which will likely result in a slight retracement to around $31 – $34. The analyst predicts Litecoin will hit the daily resistance level as it pushes through about $42 and then $45.
However, they note that there is a mismatch between the buying and selling volume. This is likely to result in a drop back down to around $30.
While some altcoins seemed to be defying the market’s overall trend, CoinMarketCap is now reporting that almost every altcoin is in the red.
Some major altcoins like Ontology have dived almost 20 percent (19.66%), while Binance Coin loses 18.20%. meanwhile, IOTA and Cosmos are in the red for 19.82 percent and 19.76 percent respectively.
Featured image by Piqsels
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.