So far we have seen Litecoin in a long-term bearish bias, a plague-like downward movement which extended itself in 2015 as well. It is however the first time that the silver coin price neatly touched its 2013’s bubble point, the support level which influenced a rally towards $48 — Litecoin’s all-time-high.
As you can see the weekly chart above, the LTC/USD is valued around 1.68 which is directly coinciding with the levels that originally started the bull-trend towards the ATH in 2013. The reason why 1.68 could be important is because of its knack to act as a borderline between sustainability and downfall.
Indeed, even if Litecoin is able to reflect towards the north after hitting this level, the impact won’t take the price back to its euphoric levels. But even though, any bounce back from this presumed support might ensure sustainability of Litecoin in the long-term. By far, it is a question of survival for now.
Which brings us to the current 4H scenario in Litecoin USD markets, where the price is continuing to stay in a bearish bias, says the much-high moving averages and the RSI.
At this point of time, only a pull from the aforementioned support level (might extend to $1) can attract more and more buyers. We don’t think anyone would let Litecoin fall towards embarrassing figures, and are thus expecting some great panic buy when it hits 2014-15’s all-time low. No tremendous rallies are expected, however.
Disclaimer: These are just views. Trading is indeed a risky job, and we hold no responsibility of the outcomes of this analysis – good or bad.
