As Litecoin Falls to $60, Here’s Where Investors Are Really Putting Their Money
A journalist and copywriter with a decade's experience across music, video games, finance and tech.
The $4.5 billion market cap Litecoin ($LTC), the 24th biggest cryptocurrency on the market, has fallen a percent in the last 24 hours and is now perilously close to slipping the $60 mark as it trades for a few cents higher as of this writing.
Litecoin’s price woes come amidst a generally good day for crypto. In the last 24 hours, the global crypto market added 0.7% to its $2.04 trillion market cap.
Market leader Bitcoin ($BTC) rose 3.2% from this time yesterday and now trades at $55,322.
These were the largest gains for any coin among the ten biggest cryptocurrencies except Dogecoin ($DOGE). The original doge meme coin added 5.1% overnight and now trades for $0.09888.
Over the week, Litecoin lost 6.4%. This is broadly in line with Bitcoin’s 5.2% loss, however, both were more robust than Ethereum.
The $ETH token underpinning blockchain’s most commercially important network dropped 8.3% over the last seven days to trade at $2,292. Overnight, Ether added 2.4%.
Now, given that crypto markets are in the green right now, there are several indicators to suggest Litecoin may rally up from current levels.
The first is that $LTC’s support has been steadily rising since the crypto crash on August 5, when the price bottomed out at around $50.
Litecoin has also discovered resistance around $75 throughout the summer.
The token’s relative strength index (RSI) is currently around 40 and rising, suggesting some buying momentum could drive the price back up to the mid-$60s by the middle of the week.
Litecoin started in 2011 as a speedier alternative to Bitcoin to be used as a form of payments. At its height, $LTC was the third largest
Read more on cryptonews.com
