Tron (TRX) Could Dethrone Litecoin (LTC) From 7th Spot
Litecoin price declined and failed to break the $34.00 resistance. Tron (TRX) remains supported and it seems like it could soon surpass LTC’s market cap and move to the 7th spot.
Key Talking Points
Litecoin price failed to gain traction and traded below the $32.00 support (Data feed of Kraken) against the US Dollar.
There was a break below a major bullish trend line with support at $32.60 on the hourly chart of the LTC/USD pair.
The price is likely to decline further and it could trade towards the $30.40 or $30.20 support level.
Litecoin Price Analysis
After a decent upward move, litecoin price failed to gain pace above the $34.00 resistance against the US Dollar. The LTC/USD pair traded lower and broke the $33.00 and $32.00 support levels.
Looking at the chart, LTC price traded above the $33.00 resistance level and even broke the $33.60 level. However, the price failed to clear the $34.0 barrier and it started a downside move after setting a high near the $33.92 level.
It declined heavily and broke the $33.00 support plus the 50% Fib retracement level of the last leg from the $29.41 low to $33.92 high. Moreover, there was a break below a major bullish trend line with support at $32.60 on the hourly chart of the LTC/USD pair.
The pair traded below the $32.00 support and the 100 hourly simple moving average. At the moment, it is trading near the 61.8% Fib retracement level of the last leg from the $29.41 low to $33.92 high.
There could be a short term upside correction, but the previous supports near $31.70 and $32.00 are likely to act as solid barriers. It seems like the price is likely to decline further and it could trade towards the $30.40 or $30.20 support level.
More importantly, litecoin is struggling to remain at the 7th spot in terms of the market cap. Tron (TRX) is moving higher and its market cap is currently $1,816,739,932, less than LTC’s $1,918,680,890. However, there are high chances of it moving above LTC’s market cap in the coming days.