Tracking back on the time after Litecoin did climb above the $90 level on its new all-time high record was described with a strong-cemented indicator as LTC/USD for almost weeks did trade between the $60-$70 zone attempting upward breaks with beneath the supports holding.
That obviously changed on Sep 15 with a swift decline after China GOV declared for Bitcoin exchanges to stop ‘working’ on Sep 30. A major sell-off was initiated throughout the crypto-community which included Litecoin too.
The particular drop which went to the monthly lowest of $32.03 was interrupted by aggressive bulls waiting to by at the most important supportive marks and opportunities.
Litecoin price is trading at $49.47 with a 2.51 percent gain in the last 24-hours. Its market cap finally is range hovering between the $2 bln and $3 bln mark and on its course for more. The trading volume now has significantly fallen for the last 24-hours compared to yesterday when the regain in price was taking event – with Bithumb leading at 30.85 percent and OKCoin.cn following at 14.14$. Very cautious and being warned is preferable in such state as deep-pocket traders could change the development very fast.
The pair LTC/USD now is attempting a break above the $50 psychological resistance mark and a successful close which would create a stable trading ground on a preferable zone. This is taking place after retesting the supports at $40 which did hold and acted as they should.
The news relating to Bitcoin are not looking very well right now, and when it comes for any advice right now the best is to look out for news as them are changing how the prices are flowing for the moment.
However, even with the many negative reviews and comments, very well known figures like Litecoin creator Charlie Lee or Tim Draper added their part which is being considered very optimistic on the longer term.
Lee did comment on a factor that many are trying to express – Chinese Gov will not able to manipulate and play with the market on the way it did since 2013:
“This is a good thing. China can no longer play with the markets by banning Bitcoin. Cryptocurrency cannot be killed by any country. One solution to centralized exchanges is decentralized ones. I hear the Decred Project team has something cooking that helps with that.”