Litecoin price in the last 24-hours is turning downside-ish a bit for a start of the week on Monday, as it hovers around $53. A possible break above certain resistance could take place near-term for LTC against the USD.
Litecoin Creating Ground for Gain – LTC/USD
LTC price has taking the lower turn today [Oct 2nd] and dropped to $53.84 (time of the writing) as it meets supports at around $53.00 like the days before. This is caused by the resistance that is waiting at the $55.00 mark which for now is the major psychological barrier and so it causes a range bound effect.
If we look at the longer-term, the moment the pair LTC/USD closed above the $55.00 mark was just before going for the $100 mark when it did hit its all time high value. So in the ‘bigger picture’ despite today’s drop, the price is creating a stable trading ground just below the resistance level so in the case of a break out it could go over the $60.00 or even higher.
Short/Mid-term sellers could be waiting at that point which will be tanking the value to take another test on the record mark, however on the longer term a very possible $75 for trading ground could be made real.
The stable range-bounding trading ground that LTC/USD creates after any increase or rally is very unique and what made Litecoin cement its position as the 5th largest cryptocurrency by market capitalization.
Look for dips to buy and keep the trading size small until for now as the market looks like did very gallantly restructure itself on the critics and crackdowns by regulation.