Litecoin lived through a tough year, down 92% from its peak
|- Litecoin moves in sync with Bitcoin and other altcoins.
- Short-term momentum is vague due to the holiday season.
Litecoin is changing hands at $31.17, mostly unchanged on a day-to-day basis, but down 2.8% since this time on Sunday. The 8th largest cryptocurrency is moving within a range, just like the majority of other digital assets. The low trading activity is typical to the holiday season when many traders are away from their trading desks.
Litecoin's year in review
LTC/USD reached its all-time high at $375.54 in December 2017. Since that time the coin has lost nearly 92% of its value. The coin touched its lowest level in December ($22.37) and had ten "red" months out of twelve. February and April were the only tow "green" months this year.
All in all, Litecoin is moving in lockstep with Bitcoin, with short periods of divergent momentum caused by LTC-specific news. Litecoin Foundation puts much emphasis on coin's mass adoption as a means of payment for everyday needs.
Litecoin's technical picture
On the intraday level, LTC/USD is capped by SMA50, 4-hour at $31.67. Once it is broken, the price may proceed to an important technical hurdle at $33.00, created by the upper line of a triangle formation. A sustainable movement higher is needed to ensure a recovery towards $40.00
On the downside, the support lies with psychological $30.00, strengthened by SMA100 (4-hour). Meanwhile, even stronger support is created by SMA200 and the lower line of the above-said triangle at $29.30. A sustainable movement lower will open up the way towards $25.00.
LTC/USD, 4-hour
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.