Litecoin (LTC) Falls to $40 Mark After a Sudden Bearish Strike
Litecoin has not been spared from the overall market-wide correction over the last 24 hours. After days of steady upside trading, the LTC price has been slackened off by 4.74%, and it has been dropped to $40 price mark. It might fall even below $39 in the next few hours.
Since the beginning of this month, Litecoin has shown steady upside movement, and even on April 06, it marked a steep hike and crossed a $45 price mark. After that, on April 10, the currency faced a sudden fall, and the price spotted below $42. Further, the LTC price continued to trade with downside momentum and fell to $39 on April 16.
Later, the price escalated and crossed $42 mark on the same day. Further, it continued this upside movement, but after hitting $44 on April 19, Litecoin started a downside correction.
Litecoin Price Analysis
LTC/USD opened yesterday at $42.34, and in the next 4 hours and 41 minutes, the price escalated by a marginal hike, and it touched the highest point of the day at $43.16. From this high, Litecoin price marked a huge decline of 8.20% that cost the coin $3.54, and the price fell to $39.61 over the next 15 hours. However, it couldn’t remain at that low for long and started strengthening towards the closing of the day and reached $40.70 by 02:11 UTC today.
Litecoin’s current price at $40.33 is 0.17% more and 0.09% less than the 20 days MA and 50 days MA, respectively. The MACD indicator reflects a bullish signal as the Signal line is well below the MACD line. However, both the lines are trending below the baseline. As per the technical indicators, LTC might not reflect a strong recovery any soon. Investors should be ready to witness heavy price swings as well.