Litecoin Back Below $30, More Trouble For The Coin? Wednesday, December 5th
Litecoin Back Below $30, More Trouble For The Coin?
Today - December 05, the market is painted in red. The market has seen almost all major coins slip into the red zone with losses ranging between 3% and 15%. Bitcoin, the king of cryptos has dropped below $3,800, XRP below 0.34 and Ethereum is trading around $103. Today’s loss has seen these major coins wipe off their gains from the last five days.
Following this bearish momentum, the market cap has dropped below $130 billion and is now just above $121 billion.
Among the biggest losers of the day is Litecoin which has dropped by 6% in the last 24 hours. Now, Litecoin is trading just below $30. This is a retest of the $0.29 position after initially hitting it on November 25 and just like then, there is panic among holders and this could trigger a massive sell-off.
LTC/USD Price Chart, Wednesday December 5th:
If the bulls are unable to find support, the bearish momentum will see hit $28 in the next couple of hours and if the bearish trend further extends, Litecoin could fall to lows of $25. The bulls will however not go down without a fight. They will be looking to get prices above the $30 position as soon as possible. Furthermore, they will need to ensure that prices remain above that position and a higher support level is established.
Three weeks ago, Litecoin was trading above $50 and the bulls only panicked when prices fell below this position.
Following the bearish momentum that keeps hitting the market, the bulls would give anything to be just under $50.
If a bullish rally was to sweep the market, Litecoin has the potential of rallying well above $40. But a rally that sees Litecoin rally this high would have to be triggered by the wider market or a major positive announcement from the project.
Legal Disclaimer: Please remember that trading, buying or any other type of investing in cryptocurrencies should be consider risky and may lead to the loss of all of the invested money. For further information visit Terms and Conditions section on TokenTops. We do not encourage our readers to any kind of financial decisions. Neither jury.online nor its parent companies accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to, from jury.online. We believe that everyone should make their own and in depth research on the particular topic in various sources before making any financial decision and this person should be the only one responsible for the outcome. Our writers do their best to remain unbiased and don't actively support any project. The research is done with various sources, the predictions are based on own believes, analytical skills, experts and community discussions and is intended to convey general information only.
You may also like
XRP Leads Market Recovery, Surges By 11% And Leaves Ethereum ETH In The Wind
Can EOS Stay Up And Maintain The Fourth Position Ranking?
Dogecoin Drops Below Range, Is It Still Worth Holding In 2019?
Stellar XLM Drops By 10% Recording New Year Low As The Market Wipes Out Over $6 Billion
IOTA’s Slowdown Sees It Slip Behind In Ranking
XRP Market Cap Could Be Overvalued By $6 Billion
You need to login to create comments.