Litecoin Down By 3%: May Hit $106 Before Recovery Begins

Litecoin, the digital silver to Bitcoin's digital gold, has been one of the most popular names in the crypto-economy since the past several years. Litecoin has always found a place among the top names in the industry and continues to impress the markets. The last few months feature various ups and downs for Litecoin because of the hype surrounding LitePay and Litecoin Cash. However, now that all of that is done and dusted, and LitePay shut down just weeks after it started off, Litecoin is back in the slowdown!

Litecoin Price has been quite mercurial of late. The currency started off the day at a price of $121.18 and a market cap of $6.7 Billion. From there, the currency has fallen by 3%, closing the day at a price of $117. The market cap fell to $6.5 Billion as Litecoin lost $200 Million in a day. The highest point of the day came when Litecoin hit $122.35 but everything since has been a downhill ride. The lowest point of the day came when Litecoin reached $116. 

Over the week Litecoin suffered a major loss as it fell from $160 to $117. During the course of the week, the currency went from $8.9 Billion $6.5 Billion – losing $2.4 Billion over the week. However, it isn't just Litecoin which took such a hit as the entire cryptocurrency markets were going through a 'bloodbath' phase. The lowest point of the week for Litecoin came when the currency's price reached $110. 

There is more bad news in stock for Litecoin investors as the currency's price is expected to continue moving in this downtrend. As per market experts, it appears that the currency will go as low as $106 where Litecoin meets the line of support. This is likely to be the entry point for bullish investors. For those looking forward to investing in Litecoin, the best time would probably be around the $108 to $110 mark from where the currency is bound to bounce to around $140 where it meets another resistance. It is a good short-term trading opportunity and a buy-target of $110 and a sell-target of $135 are recommended. A stop-loss must be set at $96. 

For more Litecoin related updates and news stay tuned to Cryptocrimson or you can also bookmark our page. We’ll also keep adding updates to this article for real-time analysis. 

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Disclaimer: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advice. 

 

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