Litecoin Price Seemingly Builds Support Near $165 Until Market Uptrend Resumes

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Litecoin Price Seemingly Builds Support Near $165 Until Market Uptrend Resumes

Post by FrankNBeans » Thu May 10, 2018 8:32 pm

It seems the past weekend has left a lingering mark on the cryptocurrency industry. With all top currencies suffering from small to medium-sized losses, a lot of bearish momentum materialized seemingly out of nowhere. It is possible this trend will reverse course soon. Until that happens, the Litecoin price won’t reclaim $175 anytime soon.

As is always the case when most cryptocurrencies start to regain a lot of value in quick succession, a dip seems inevitable. It is not uncommon for currencies to lose anywhere from 3% to 12% after two weeks of solid upward momentum. This past weekend illustrated that point perfectly, as most currencies are down by such percentiles. The Litecoin price, for example, lost just 4.9%, but it is still a bit of a setback for short-term speculators.

The past week has been pretty stable for the Litecoin price. With the momentum holding firm at $144 for the most part, it seemed evident an uptrend would form sooner or later. That did effectively happen, and it pushed the Litecoin price to just over $182. Very positive momentum overall, but it also led to a small decline a few days later. That decline is not necessarily something to work about, though.

With this 4.9% decline for the Litecoin price, the value has dropped to just below $165. Once the momentum returns, it seems a matter of time until LTC surpasses $175 again, but it remains unclear if and when that will happen exactly. With LTC losing just 1.19% over Bitcoin, there is no reason to panic as of yet. If there is no panic selling to speak of, the future Litecoin price will almost certainly be higher than what it is right now. ... d-resumes/

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