Litecoin price is bearish today, as the coin has sunk below $50 for the first time this year. For a period of time, the LTC/USD pair was following an ascending parallel channel, but it failed to break through and instead dropped severely. The pair is now trading at $48.29 and has resistance at $51.03, but a breakthrough above this level is required for further gains. Litecoin’s support resides at $47.76, and if this barrier is broken, the price of Litecoin may fall to as low as $45.38. The LTC/USD pair is now valued at $48.29 and has dropped by more than 2% in the previous 24 hours, as the cryptocurrency market continues to bleed red. Litecoin’s market capitalization stands at $3.31 billion, with a trading volume of $384,609,689 per day. LTC/USD 1-Day Price Chart On the 1-day chart for the LTC/USD pair, we can see that Litecoin has been following an ascending parallel channel throughout the weekend and even broke out of it briefly. The bulls, on the other hand, were unable to maintain this momentum and Litecoin tumbled dramatically today. The price of Litecoin is presently trading near the middle line of the channel, and a break below this level may result in Litecoin’s fall to $45.38. Source: TradingView The upper Bollinger bands have expanded, showing a greater degree of market volatility, while the lower Bollinger bands have shrunken, suggesting less volatility. The Relative Strength Index is presently at 42.80 and is on tr...
