Litecoin’s Short-term Rebound Sees Hurdles
Litecoin has faced a very strong meltdown over the last couple of days amid Coronavirus threats. It’s not just LTC that has gone through such a bearish market phase; the whole market, in fact, all the markets (including the major ones such as US and China) have broken down.
Litecoin Price Analysis
LTC price is just above where it was when the year started. The recent price plunge has caused it to lose all the gains it had managed in the last two months. The price drop actually began on March 7, which intensified yesterday.
Yesterday, it opened at $60 and steadily broken below major support levels of $57 and $52. The coin closed at $51.15 before it resumed the fall today. LTC coin saw extreme bearishness coming in when it bottomed to $47.84 today.
Since then, the coin has attempted to strike a rebound but couldn’t manage anything more than sideways momentum. The currency has noted a price fall of 20% while forming lower lows with a bearish bias. At 12:20:18 UTC, Litecoin price is trading at $49.68. MACD indicator holds a bearish stand at the moment.
The 4-hour chart of Litecoin exhibits its recent trials of rebound. The coin has again traded below $51, forming a dip at $49. Even after an upward price spike, LTC/USD corrected back to $49. Here, moving averages are also moving with negative bias. Currently, the coin is just below the 38.20% Fib level. According to our LTC forecast, the coin might face slight correction before trading towards $50 mark.