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
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.