The litecoin price is facing the bullish effect that is haunting the bitcoin market over the few last days. LTC/USD dropped below $1.70, but bulls came to the rescue quickly.
Hours after the low of $1.69 was hit, buying pressure pushed the litecoin price closer to the levels reached before today’s crash. LTC/USD currently trades close to $1.73 while the market is still heavily pressured by large sell orders.
Lower volume and resistance
While we did see some decent resistance at the $1.70 level today, the volume is still down. Although the resistance at the previous lows is visible, not many upward spikes are to be expected before the volume rises to greater levels again.
What to expect after a “quiet” low volume trading session
Overall, we can’t really say that it was a great day for the litecoin price. Then again, the fact that resistance didn’t allow a bearish outbreak to take place is a good sign. Perhaps as we see the volume rising to greater levels the price could rise back to $1.75 or surge even further.
In contrast to bitcoin, litecoin hasn’t had any significant downward spikes over the past few days. As seen in the last 24-hour bitcoin chart, bitcoin struggled to stay above the $220 level after some large sell orders took place. BTC/USD seems more volatile than LTC/USD over the last few hours. This is even more so when comparing bitcoin’s sudden downward spikes from yesterday to the sideways trailing of the litecoin price. Signs indicate that in the current conditions, the litecoin price could benefit from some bullish activity in the market. This may occur as now bitcoin seems to be coming out of the below $220 pit.