The weekend for Litecoin has been quite devastating. On Saturday, the price was struggling quite a lot due to Bitcoin falling from grace and nearly hitting $7,000 within a single day. However, a massive rebound in the market managed to get LTC back up again as Bitcoin started inching its way towards $8,000 and breaking it on several occasions.
Currently, though, LTC is having a tough time, actually committing anything during the day. There have been very small price movements all day and there seem to be none coming.
The price is sitting at $90, which is far lower compared to previous achievements of $106. Due to all of this negativity, LTC has formed new support levels as well as resistance.
The first and foremost resistance level will be $100, followed up by $104, and finally $108. However, these need to be ensured by the support levels. If LTC falls below $88, then the road to $82 will be very likely.
Short term is dangerous in the current market
Short term trades in the market we are seeing right now is not the best idea for large coins such as BTC, ETH and LTC. It is best to simply sit back and wait out the bear with a long-term plan.
Overall, most coins are predicted to rise immensely to new heights in 2020, therefore it’s most advisable to simply HODL the top 5.