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Weekend Ends In Losses For Litecoin LTC After A Short Price Rally

21 january 2019, 22:32 by John Kiguru

Weekend Ends In Losses For Litecoin LTC After A Short Price Rally

The weekend was fairly confusing for many traders after the market dramatically surged only to later fall flat on its heels.

Although the short-lived rally saw coins break short-term resistance levels, the drop, saw them wipe out these gains and drop below the newly found short-term support levels. Among the coins knee deep in red is Litecoin which has dropped by over 6% in the last 24 hours.

During the weekend, Litecoin shot up in a couple of minutes to hit a high of $33. The surge came following a long week of sideways action that saw Litecoin trade within the $31 position. When the surge hit and prices climbed to $33 on Sunday, a $35 position seemed inevitable going into the week. Unfortunately, the crypto market is not that straight forward and coins are sporadic and highly volatile.

Monday has seen Litecoin drop by over 6%, wiping off its weekend gains and break its short-term support level. The coin has successfully bounced back from the $30 position and at the time of press is trading just above $31. Its fast recovery to bounce above $30 and resilience to stay above $31 will be a positive sign for most traders. Although it is down by 6% and among the biggest losers of the day, there’s real optimism as long as it maintains within its range, which is $31 to $33.

Even as we near the end of the first month of the year, it remains unclear what direction the market plans to take. The hassle and tassel between the bears and bulls is yet to bring out a clear winner with both waiting for effective news that will move the market.

The year 2019 is expected to be a year of turbulence for the financial industry and many expect it is in the storm that cryptocurrencies will soar. One can be rest assured that when this happens, among the first coins to soar will be Litecoin.

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