The last 24 hours went by without bringing in any highly significant change in litecoin price. LTC/USD still trades at $1.75 at the moment although there were some interesting movements throughout the day.
The volume falls but does that affect litecoin price?
In contrast to yesterday’s $2m, litecoin’s trading volume fell well below $1.2m today. However, today’s trading patterns reveal the market is still extremely active. It’s still noticeable that the market is doing well at avoiding bearish outbreaks and although LTC/USD climbed to $1.77 not many orders were executed at this level. Profit taking is still preventing the price from nearing the $1.80 barrier again.
The resistance at $1.75 seems decent, but for how long?
As the charts indicate, the price didn’t trade below $1.75 for long today despite the many seemingly bearish sell orders. The response to downward spikes was always swift today. The market was able to avoid being bearish for the most part. As a consequence of this however, we saw litecoin price trailing sideways a lot. While at the same time the bitcoin market is full of uncertainty, it’s hard to predict if the support level isn’t going to be breached soon.
Bitcoin did in fact fall below the $220 level today. As the 10hr bitcoin price chart indicates, the price struggled to stay above $220 for some hours to finally reach the current level of $222. Most indications highlight that $220 is not a strong support level for bitcoin price. This could surely have an effect on litecoin price as well. However, since the volume of both markets seems to be in decline at the moment, we’ll have to see what happens when it peaks up and the sideways movement stops.
Charts from bitfinex and okcoin