As explained on the previous Litecoin price-related writing, its market development right for the moment is looking quite unsettled. That particular trend was flowing on around most digital currencies.
The trading against the US Dollar specifically yesterday was harsh as it could get because the currency itself showed strength and that directly effected the prices of cryptocurrencies. With descending lower than the supporting mark of $45, this could go on with pressure by the market for Litecoin.
The moment when Litecoin price on the hourly chart took momentum and bounced back from the bottom of the one hour Bollinger Bands to the center, sellers showed the trading effect of short-term profit. Resulting of that the $44 line is acting as a resistance which will make the LTC/USD market price flow lower.
Currency trading Tanking Litecoin Price – LTC/USD
This all could be due to the US dollar making and showing gains and strength as per/yesterdays development. This descending progress should be not of a big worry as everything is alright with the digital currency and asset itself even that there could be support at the $40 mark.
For daily traders, you have to wait and see until there is stability for around 24 hours on a supporting level or when it climbs its way over and past the $45 level. But be warned as sellers are incoming for the moment and it might not look so good.
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