The second day streak for litecoin is officially broken after the altcoin dropped by 0.30% in one day, breaking the overall trend for the past two weeks as we reported in the previous Litecoin news.
Litecoin’s 3 four-hour candles negative second day streak has concluded as the candle from the last 4-hour candle closed up 0.79%. Compared to the other top crypto asset classes, Litecoin ranked 2nd since the last 4-hour candle in regards to percentage price change. The indecisive movement in the recent daily price action of litecoin still continues.
Today, the price started trading at $48 which is down by 1.37% of the previous day. The price move then occurred on the volume which was down by 18% from the day before but up 22% from the same day the week before. Litecoin ranked 4th since the previous day in regards to percentage price change. The daily price chart for Litecoin shows clearly. The first thing we could see that LTC is now close to the 20,50 and 100-day averages located at 44, 44.74, and 44.64 which could be the key juncture along with these timeframes. The clearest trend can be seen on the 14-day timeframe which shows price moving over the same time.
According to yesterday reports, LTC starts the day with a steady 0.7% increase despite being down by $0.01 on the 4-hour chart. The $47 price level was the opening price on the four-hour candle for Litecoin which resulted in the previous 4 hours where the price moved down by 0.02% from the previous 4 hours. A couple of days ago, Litecoin (LTC) was trading near $50 which is a major psychological level, following a drop which brought it back to $46 now. The 12-hour chart of the coin is visible in the Litecoin news and updates – you can see it below.
All in all, the potential breakout as the altcoin dropped under $50 is much needed for LTC investors to regain their confidence and analysts to start talking about new heights again. However, if the price of LTC stabilizes in the $40s for more than a week, we could expect bears to revisit the coin. The Coronavirus market crash that caused a mess on both traditional and crypto markets, prevents the altcoin from recovering further. LTC is having a hard time recovering and it is falling behind on Bitcoin and Ethereum
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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