Litecoin [LTC] slips below support level as market sinks: Technical Analysis

Litecoin [LTC] Technical Analysis

As the bears began to dominate the virtual currency market, the scenario started appearing red with meagre patches of green on Thursday. The bearish wave in the market pulled down the major altcoins where Litecoin [LTC] failed to find an escape. The eighth most valuable cryptocurrency in the global ladder has failed to fare well over day making the coin move with a sluggish momentum. The dipping of Bitcoin [BTC] price below the $4,000 mark prompty enhanced the seller pressure in the market, in general and of the digital asset, in particular. Previously, when the market was gloomy, Litcoin [LTC] has moved down almost 16% in the last seven days and plunged nearly 45% in the past one month.


The virtual asset, at the time of writing, is trading well below the major support level, which is noted at $30.67. The MACD line suggests that the digital asset has downed in the bearish zone, while the 100 EMA line shows that the coin is locked in downtrend.

According to the data from CoinMarketCap, the overall market cap of the crypto stands at $1.76 billion. The RSI of the crypto currently stands at 46.13, which implies high selling pressure in the market. At press time, the digital currency has inched down against the U.S. dollar by nearly 3.32% and is currently valued at $29.5.


Litecoin [LTC] price chart


At the moment, the coin has slid 1.68% against Bitcoin [BTC]. Currently, one LTC is worth around 0.0077356 BTC.

Litecoin [LTC] Latest Updates

A series of whale movements are being witnessed by the crypto market. In a new whale move around 36 million Litecoins [LTC] have been transferred to the top 50 LTC wallets. It is possible that these LTCs were moved to exchange wallets which usually possesses hefty amounts of LTC. On December 4, a twitterati called the LTC whale watcher tweeted that top 50 LTC wallets received 45000 litecoins than they have sent. These significant amounts of transactions is a cause of alarm for the wallet ecosystem. Litecoin whales might be accumulating Litecoin to alternate the market. The whale can also dump this amount to effect a downturn in the Litecoin market.

See also:

We will see millions of tokens and thousands of blockchains: Binance CEO

Crypto phone HTCExodus can now be purchased with Litecoin: Charlie Lee

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