Considered Bitcoin’s counterpart, the news and regulations declared yesterday did struck Litecoin very hard making any possible supportive trading level to be of no help in the near term.
From the trading ground of $60 mark it did very swiftly drop to the monthly lowest of $32.03 with a market cap of only $1.7 billion which is $3 billion in negative compared to the all-time high levels. But as aggressive bulls were awaiting the best start-buying moments after the sellers took control of the market the table did turn on a quick note.
The pair LTC/USD has recovered over $20 in price in the last 24-hours with 21.03% in the positive up to $52.48 with a market cap of $2.7 billion adding up a strong $1 billion in a day. Against the Bitcoin market, Litecoin is stil behind on -0.63% which should be expected for now as the market is very volatile and the pack leader is being the initiator on major changes however it is awaited that altcoin will be following “the golden coin”.
Trading volume in the last 24-hours are over $1.5 billion which has not happened since the record breaking price over $90 with a trading volume around $1.7 bln. Asian exchanges are leading with Bithumb around $400 million with 25%, OKCoin.cn $300 million second with 20% and Huobi in the third place with around $200 million trading volume at 13%.
However, any recovery and return in price will be awaited with major resistances at the $60 level on a bearish note. The specific resisting zone now previously was an important supportive level and a stable trading ground for Litecoin against the US dollar as the price did range bound between $60-$70 for some time.
In this case a retest of lower levels could take place so wait for that moment before starting of any longer booked positioning profit.