Litecoin Coming to Terms with New Trading Range, Still Looking for Support

Litecoin (LTC) is now coming to terms with its demoted trading levels, settling into the $20-22 range in recent days

Litecoin (LTC) is now coming to terms with its demoted trading levels, settling into the $20-22 range in recent days following its fateful fall through the critical $23 resistance level.

Litecoin is currently trading at around $21. While it has stabilized, it is struggling to hang on to the $21 level experimented in previous days, showing cracks on several occasions within the last 48 hours, albeit not by a huge margin. It will take a few more days to tell if there is any substance to this level or if the cracks will propagate.

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Litecoin- February 5

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In terms of resistance, LTC had been getting something going around $21.40, but even this level is starting to bend downward. The silver lining has been LTC’s relative stability, thus far keeping its head above $21 for the most part even in the face of declining resistance levels.

Versus Bitcoin, LTC has still declined despite BTC’s mediocre activity of its own, now trading at about 26 mBTC.

As previously reported, it was absolutely critical for LTC to keep above the $23 floor- a price point which had repeatedly served as a reliable of defense in the face of a variety of market volatility. Its failure to do so has entailed a nearly impossible climb back above it, with only one brief and unstable hiatus above the $23 mark since its fateful descent.

Litecoin- 1 month
Litecoin- 1 month. Source: Bitcoinwisdom.com

Litecoin these days no longer needs negative news items or hacking scares to keep it in its reduced range or even decline further in the near term. The downward pressure imposed by unsupported weight of its old floor exposes a reduced underlying fundamental sentiment and will keep it there while things are quiet.

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