One of the biggest altcoins named Litecoin (LTC) has lost nearly 30% moving in sync with the market and the recent fears from the COVID-19 (coronavirus) which created a market mayhem in stocks and cryptocurrencies. A good question to ask now is what is Litecoin LTC doing following its drop of 30% and its massive loss in value.
The LTC/USD pair hit the intraday low at $25 which is the lowest level since December 2018, which is what is worrying many in the Litecoin news. At the time of writing, the pair is changing hands at $31.50. Notably, the average daily transactions for Litecoin jumped above $7 billion which is more than three times its market capitalization.
On the long term charts, LTC/USD shows signals of an upcoming reversal. The weekly RSI points downwards but it is already close to the overbought territory. Meanwhile, the daily RSI has reversed to the North and the LTC coin still stays outside the Bollinger Band which is also a bullish signal as the price tends to return to the average. What is Litecoin LTC trying to do after the massive drop is stabilize in the region.
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The good news is that the cryptocurrency managed to correct today and minimize the losses to only 12.9%.
On the intraday charts, LTC bulls may face a lot of resistance on approach to $33. This area is reinforced by the middle line of the 1-hour Bollinger Band. A stronger hurdle, however, comes at $36 as this level stopped the recovery after the first collapse on Thursday. We will need to see a sustainable move above this line for the upside to gain traction now.
Currently, analysts remain confident that what is Litecoin LTC trying to do is regain its positions on the market. LTC is at $34.89 right now with a 12.9% loss on the day but looks solid compared to other altcoins in the news. Speaking of, today we can see the Bitcoin SV news as the most frightening, as BSV lost around 30% and came to a new price point at $114.73 which is a record low for the coin this year.
Meanwhile, Bitcoin is still hovering around the $5,600 mark with reds all over it and a downward momentum that looks very weak from all angles.
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