At present, Litecoin (LTC) may not be among the top ten cryptocurrencies, but it is the second-oldest cryptocurrency after Bitcoin (BTC). Based on its history, LTC has been under the microscope of the majority of the cryptocurrency followers.
As of now, Litecoin is ranked as the 18th largest cryptocurrency in the crypto-verse with a valuation of $9,965,927,798. In the past 7-days, LTC’s price has plummeted by 11.81% while its plunge was 2.74% in the past 24-hours.
Paying close attention to the price of Litecoin shows that LTC started the month of December with a price of $207.64. At the time of writing, LTC’s price is $144.36 per LTC. This means that from the beginning of December until now, the price of LTC has been over 30%.
As for the trading volume for LTC, it is now at $1,131,359,227 after experiencing 1.72% plummet. The small plummet in the trading volume for LTC means that despite the downfall, the bulls still haven’t left the building. They are also trying to purchase LTC in order to push the price out of the red zone.
However, the bears currently have the lead and they may try to bring LTC’s price even lower. The bears are currently making full use of the overall cryptocurrency downtrend. As the entire cryptocurrency is currently experiencing a bearish trend, the bears are using it in their favor.
Therefore, the moment the bears observe a slight surge in buying power for LTC, they kill the small rally with their selling power.
The data from CoinMarketCap shows that despite the downfall from the beginning of December and the current situation, the trendline still leans in favor of the bullish trend.
This means that the bulls still have hope in bringing back the old glory to LTC. For the bulls, the first target is to push LTC’s price over the resistance zone, which is $160. At this point, the bears may intensify their selling activities. If the bulls prevail and push LTC across the $160 figure, they may eye for the 20-day SMA, which at present is $176.83.
In the best-case scenario, the bulls manage to push LTC’s price over the $20-day SMA, they may attempt to push all the way up to 100-day SMA, which is $189.15. At the moment, it seems highly unlikely for LTC to be able to cross the $200 per LTC market anytime soon.
Looking at the other side, if the bears manage to break the spirit of bulls and get them to stop their buying, they may be able to push LTC below the $135 mark. The $135 mark is the point where the bulls would demonstrate their strength in the form of buying power. In case the bulls give in to the pressure from bears, they may be able to push the price of LTC below the $120 per LTC price.