All cryptocurrencies are struggling right now. Given the current battle for control in the Bitcoin price department, that is no big surprise. Things are looking a bit bleak for the Litecoin price right now, even though the overall upward trend is still intact. With a Litecoin price of under $55, a week-long downward trend is looking to hit critical support.
Litecoin Price Keeps Going Lower
Every time the Bitcoin price reaches a new all-time high, altcoins will struggle for a few days. When that all-time high is followed by a correction, altcoins will struggle even more. Right now, the whole world is waiting for the Bitcoin price to stabilize a bit before altcoins can even start to recover. This is also weighing down the Litecoin price right now, as this value has gone down constantly over the past week.
To be more specific, one week ago, the Litecoin price was hovering around the $65 mark. At that time, it seemed a rise to $70 or potentially higher would only be a matter of time. It is still possible we will see such a Litecoin price point before the year is over, but it remains to be seen how things will evolve in this regard. For now, breaking this bearish trend is virtually impossible.
Ever since the Litecoin price hit $65 a week ago, the value has been going down a slippery slope. The $55 low was reached two days later, which saw the Litecoin price rebound swiftly afterward. After a few days of consolidation at $60, the price eventually started slipping again and is now even below $55 once again. Predicting a critical level of support is up to the people with technical analysis skills, but $50 isn’t an unlikely target.
Moreover, the Litecoin trading volume has cooled off quite a bit as well over the past seven days. With just $104m in 24-hour trading volume for LTC right now, it doesn’t look promising in the least. That doesn’t mean the market will keep going down indefinitely, though, but is certainly possible there will be a bit more bearish momentum before things head in the right direction again.
Most of the trading volume for Litecoin originates from GDAX, which is somewhat surprising. Bithumb is following closely and Bitfinex closes out the top three. OKCoin is still in fourth, followed by HitBTC to complete the top five. OKCoin is trading Litecoin well below the market average right now, though, which may hint at the $50 buy zone we alluded to a few paragraphs ago. It will be interesting to see how these fiat currency trading pairs affect the Litecoin price in the coming hours and days.
Looking at the bigger picture, Litecoin is still pretty bullish throughout 2017. This currency was valued well below $4 until late March of 2017. A lot of gains have been made in the process. While some people would love to see a new all-time high for Litecoin this year, it remains to be seen if this is feasible. There are some interesting projects in development as we speak, though, which should not be overlooked whatsoever.
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