Key Highlights
- The bearishness of the LTC/USD is expected to continue because the overall downward trend remains valid.
- It should be noted that the market remains under selling pressure because the major demand zone at $56.47 is a bit far away from the current market price. And the buyers are not ready to take chances until the price can rest at the zone mentioned above.
LTC/USD Current Statistics
Market price: $98.90
Market Capitalization: $6,221,927,305
Trading Volume: $2,428,696,616
Major Supply zones: $115.10, $150, $170
Major demand zones: $56.57, $40.10 $20.42
Litecoin 101
Litecoin got technically launched as an alternative to Bitcoin; the main idea behind the LTC was to provide a better and cheaper to use alternative to BTC. Therefore till today, Litecoin is very popular, and from the Coinmarketcap, Litecoin has been ranked number four.
Litecoin (LTC) Price Analysis
Except for the demand zone at $76.47 holds on this week, if not the market will continue to maintain a downward movement for the next trading days or week.
There is an immediate critical primary supply zone located at $115.50, and if the buyers could manage to take out the above primary supply zone sooner or later then, Litecoin may finally see a recovery light from the selling pressure.
Chart Indicators Reading
From the above market analysis and structure, Litecoin price has just formed a trading method called “Head and Shoulder Setup,” and if this method plays out, we may likely see massive bearish downward movement towards the major demand zone at $56.47.
All trading indicators currently suggest that one more bearish low is expected before Litecoin (LTC) could recover from the market selling pressure.
General Outlook for Litecoin price
The overall LTC/USD trend merely is bearish, and this selling pressure may continue until the buyers find a crucial demand zone to revenge.
Whether you are a Litecoin trader or any other cryptocurrency one, it is always good and profitable to follow the trend because the trend is our friend.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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