Litecoin was having a good time this 12 months as many of the cryptos did, growing practically 4 instances in worth to $416 by March 10. However, the crash got here in the course of the center of lat month and Litecoin misplaced all of this 12 months’s good points. It tried to bounce greater, however sellers saved pushing the highs decrease, so the stress stays to the draw back.
LITECOIN is having a tough week along with different cryptos and notably Bitcoin. It’s down one other 7.3% right now to $31,900 after the same fall yesterday. The Miami bitcoin convention was cringey and the US authorities stealing again the bitcoin from the Colonial pipeline hackers is a reminder about safety and confiscation dangers.
There’s a little bit of a civil warfare ongoing inside crypto as nicely between funding tokens like BT/USD and people with extra utility, like ether. Neither are successful right now although with Ethereum which was main the market final week, down 10% as nicely.
In Litecoin, the H4 chart doesn’t look good, with the 100 SMA (inexperienced) specifically turning into stable resistance on the prime. The 50 SMA has additionally joined in now, making onerous for patrons to push greater. The worth dived practically $40 decrease right now after failing at MAs, however at the least the primary help at round $145 held and now the value is crawling again up. We’re bullish already on this crypto, so we’re holding on to our trade, hoping that the pattern will change after reaching the primary help degree.