Home Cryptocurrency Litecoin corrects below $200 and gets rejected at $198

Litecoin corrects below $200 and gets rejected at $198

by Serge Shlykov

Yesterday, Litecoin dropped below $200, a threshold that often marks a significant sell-off and is bound to trigger a panic in the market. However, the sell-off seems to have been short lived as the market corrected to $207.91. The market may have corrected, but the fact remains that LTC is approaching an important psychological threshold. If it breaks below $200, it could signal the start of a major sell-off and the end of the short-term uptrend.

Litecoin is a cryptocurrency that is popular around the world, and for good reason. It’s one of only two cryptocurrencies that have seen major growth in the past year, and is up nearly 1300%. Here’s the thing though, the price of Litecoin has started to nosedive, and it’s now at its lowest point in more than a month.  The reason is that Litecoin has been rejected at $198, and will likely be rejected again in the coming days.  Now, some of you may be wondering, why would Litecoin be rejected at a price that is much lower than its recent highs? Well, here’s the answer: Justin Sun, the CEO of TRON, recently announced that TRON will list Litecoin

Litecoin corrected below $200 and got rejected at $198.. Read more about litecoin price prediction end of 2021 and let us know what you think.

Summary of the situation

  • Litecoin’s market capitalization fell by 0.75%.
  • The bulls are targeting crude oil’s 14-day stochastic 20% at $177.

Litecoin’s market capitalization is down 0.75% after the price of Litecoin fell 10.22% between yesterday and Friday.  Silver bitcoin has fallen in recent days from a market value of $25.6 billion to $11.59 billion. LTC has also traded in a price range of $172 to $198 over the past 7 days. The bulls are still 58.85% away from the all-time high of $420, which they last touched in December 2017. In May, they missed the ATH by 6 points at $413.  A downward triangle has formed on the hourly chart and has reached its lowest point on the current intraday chart at $169. However, the downtrend was deflected by support near the bottom, leading to an uptrend that carried the bulls all the way to the 14-day 20% stochastic at $177. LTC recently hit a low of $147 after the Moving Averages Convergence Divergence oscillator stopped below third support at $151.  This prevented the rally the bulls were aiming for to take them to the 38.2% FIB correction.  The next support barrier for the altcoin on the intraday chart was around $205, which unfortunately caused the price of the coin to tumble towards the intraday high of $198. This makes the 38.2% FIB correction the key area of interest for bulls to protect against selling pressure at the $185 and $190 levels.

Litecoin price movement in the last 24 hours

The current market development of most altcoins is quite volatile. It is characterized by phases of steady upward and downward trends.  Both buyers and sellers are looking for solid support to push them away and initiate a strong uptrend.  At this point, any upward movement will be obliterated by a downward movement of equal or slightly greater strength. Such a market creates indecision, and more sellers are likely to reinforce the downward movement, as most traders fear losing their positions. In general, the market as a whole is uncertain about the direction to take. Source: Tradeview Litecoin’s daily chart started well at $191 and was unfortunately torn apart by several consecutive bearish sessions in which the price broke below $185.  The downtrend continued below $180, nullifying the attempt to rise by the end of the day yesterday.

Litecoinchart 4 hours

At the time of writing, Litecoin (LTC) is at $175. The 4-hour chart attempted to overcome selling pressure between $172 and $175, but was rejected at the session high of $176.6. Litecoin is trying to consolidate the opening price if the bulls are strong enough to beat the selloff at $190. A break above this price barrier could likely trigger bullish momentum for 200 for psychological support. Source: Tradeview Litecoin corrects below $200 and gets rejected at $198

Litecoin Price Forecast: Supplement

Litecoin missed its all-time high of 2017 two weeks ago, missing the $420 mark by just six points.  The current momentum is bearish and traders are more cautious than ever to avoid losses. Most coins flipped and the cryptocurrency market lost millions of dollars in market valuation. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.Litecoin is still one of the largest cryptocurrencies in circulation, and right now it’s holding on to $190 support. In the last 24 hours, the cryptocurrency has dropped to $197.85, and it has been rebuked on the daily chart time and time again. All of this is due to the fact that the Litecoin network is clogged up with transaction delays. This is what the LTC/USD pair has been doing the past 24 hours. LTC/USD is currently above the $200 level.. Read more about ltc price prediction 2021 and let us know what you think.

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