Why Did Bitcoin SV Plunge By 40% From Its $450 High |bitcoin-sv

Litecoin decreased by more than 26 percent over the past week as per the latest LTC price analysis which we have in our litecoin news today, following the rest of the market and Bitcoin’s major plunge. The cryptocurrency dropped another 3 percent today which brought the price to the current value of $55.

Although the situation may be looking pretty damp against the USD, LTC is holding pretty strong against BTC as it moved sideways during the latest period of instability. Litecoin is still the sixth-largest cryptocurrency with a market cap of $3.49 billion.  LTC has plummeted dramatically against the USD since the previous LTC price analysis. The altcoin fell to as low as $50 before it rebounded higher. Litecoin is now trading at a support level of $55. Looking at the altcoin from above it seems that the bulls broke the $55 level and now the resistance is laying somewhere at $56.60, $59.27 and $60. Above the $74 range, a higher resistance is waiting at $80.

Looking at it from below, the nearest level of support is standing somewhere at $54 and beneath this support, the new level is located at $51, $47,60 and $45. If LTC drops beneath $45, the next support level could be standing at $42. The trading volume also increased over the past few days due to aggressive selling. The RSI also plummeted to an overbought territory which shows that the sellers are in complete control over the market momentum. The stochastic RSI created a bullish crossover signal which shows a potential rebound in the higher levels that could happen in the near future. Some interesting bearish signals to notice is the 100-days EMA crossing with the 200-days EMA which creates the popular death cross. This could be a signal for a long-term bearish trend.

Against Bitcoin, Litecoin remained stagnant and it continued to trade sideways through the turmoil. LTC is now trading at the resistance level provided by BTC of 0.006889. The nearest resistance level lies at 0.007 BTC and above this, the resistance level can be found at $0.007297 BTC. A break above 0.00782 BTC could turn the entire market into bullish territory. As the recently published altcoin news explained, the entire market is facing some problematic climate so we will have to wait and see what will happen to the altcoin prices.