The litecoin price peaked at $2 yesterday. LTC/USD has since been affected by the downtrend leading the market after bitcoin’s peak. Market activity has decreased since the peak. However, selling pressure is still noticeable. The LTC price struggled to stay above $1.80 and is now trading at a $1.79 level.
Today’s trading session began right after the peak level at $2 was reached. Large selling pressure was haunting the litecoin market for several hours after the peak. All until the LTC price fell to $1.76 which is still the 24-hour low.
Volume and resistance that the LTC price experienced today
Despite the relatively high trading volume, some of the biggest orders noticed on the 24-hour chart were significantly large sell orders. In fact, the price moved from the 24 hour high to $1.76 in less than 3 hours because of the excessive selling pressure the LTC price experienced after its peak. It would be safe to assume that the profit taking still has an effect in today’s trading session.
What to expect after the selling pressure calms down?
Some upward spikes are noticeable in the LTC/USD charts today. However, the market failed to sustain the level of $1.80, since selling pressure is still strong. Some sideways trailing is noticeable through the last few hours where LTC/USD trades around $1.80.
However, it’s becoming apparent that the bearish trend kept haunting the market even after the correction came to an end. The trading volume will most likely be lower during the upcoming trading session, this way making things easier for another rebound to occur.
If buying pressure outgrows bearish activity in the market over the upcoming trading session, we could easily see the LTC price rocketing past the wall at $1.80. Finally, We can see some strong resistance setting a foundation at the $1.77 level. With that being said, it’s unlikely that the price will reach below this level during the upcoming trading session unless prolonged selling pressure occurs.