Litecoin’s Dramatic Movement Reflects Downtrend
Litecoin exhibits strong bullish moves since the beginning of this year. Yesterday, Litecoin and other major coins of the market were spotted registering new intraday high. However, today, the trend is reversed. The anticipations believe that LTC might be under selling pressure as in 2019, the coin registered downtrend in the last quarter.
Litecoin Price Analysis
LTC price was spotted at $49.27 during yesterday’s opening hour. Within some time, the currency dropped to $48.86 with a marginal fall of 0.83%. Then, the coin price improved and touched $51.35 by a huge hike of 5.09%. Later, the price slipped again and this time it touched $50.31. After this fall, the Litecoin price recovered and escalated to $51.30 by 1.96%. The price fell to $49.83 and then improved to $50.97. The final hour again experienced heavy fluctuations. The counters moved to $49.87 and then recovered to $51.26. Before closing, Litecoin reflected a slight plunge and it shut the day at $51.54. The intraday movement reflected an uptrend of 4.61%.
Today, Litecoin began the day with a drop. The price counters switched from $51.54 to $50.43, and then, the price improved slightly and touched $51.09 by 1.30%. There was another fall that brought LTC price to $49.54 by 3.03%. Recently, the currency has registered a slight improvement.
As per the current trend, Litecoin is speculated to violate the immediate support level at $49.63 in some hours. The traders who are dealing with an intraday time frame might have to bear the loss. Litecoin is suggested for the long-term investment as the investment would give flourishing results to the interested traders in the long-term.