Litecoin (LTC) Drops Below $50 After Consistent Bearish Squeeze
Litecoin is currently negative after a significant amount of liquidation
According to Coingecko the price of LTC has decreased by 1.4% over the past week and is currently trading at $49.98
Litecoin had previously achieved support at $49.68 but was unable to maintain the levels and experienced a price decline. The LTC/USD pair is currently stuck at $50.85 a move over this level would targe6t $51.50
The one-day price chart for Litecoin indicates an upward trend that may persist for some time. it may not be steady enough to overcome the market's significant bearish pressure.
In the last few days, the Litecoin market has been highly explosive, with values increasing and then decreasing rapidly.
After decreasing to maintain the $52 level and facing different selling pressure. LTC price began to retreat the cryptocurrency's market capitalization is approx $3.5 billion and its 24 hr trading volume is $373 million.
At the $55.62 line which is a resistance level, the LTC/USD pair established a new all-time high on Friday this level has been retracted and the price is now trading below $55.50
Furthermore, LTC is now of little benefit to investors because it does not generate a significant profit for its holders. The coin's return on investment over the past year has decreased dramatically with most statistics falling into the red zone.
Millions of investors that buy LTC only a few hundred thousand are still profitable these investors bought their supply at a price below the altcoin's current market value. these investors represent only 13% of all LTC holdings.
Even though bears are now trying to sustain the momentum they have succeeded in driving the price of LTC below the $50 threshold.
During, given that Litecoin's market value is also at an all-time low it is not unexpected that new investors are avoiding the asset despite LTC's existing community will continue to patronize LTC giving the coin a good chance of mounting a recovery.