Litecoin Continues Progression Down Slippery Slope

Litecoin (LTC) continues to struggle amid an uphill battle to return to its good old days, although it could have

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Litecoin (LTC) continues to struggle amid an uphill battle to return to its good old days, although it could have been worse.

Litecoin is currently trading at $21. This comes as a compromise in the midst of a fierce struggle between the forces of strong downward gravitation and its instincts for survival. In the last 6 days, LTC has fallen as low as $18.50 and recovered as high as $23.50- a swing of 27%.

Considering the strong bearish signals of late, one might have expected LTC to be trading well below $21. It’s still hanging in there, and in a best case scenario this may be the beginning of a turn-around.

LTC-USD Jan 30

LTC’s interaction with $18.50 has occurred on two occasions. Both times, the drops were steep and carried heavy momentum, but were immediately proceeded by equally strong recoveries, albeit incomplete. The behavior hints to an $18.50 support level, not well established but quickly repelled in situations of short demand.

LTC- Jan 30 long term

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Due to its prolonged slump, LTC’s moving average has also progressed convincingly lower and is in line with current prices of approx. $21.

Even the previously upbeat mood of traders and supporters has turned sour, with many growing impatient over the lass of progress and predicting further decline

Versus Bitcoin, LTC is trading at about 26.5 mBTC. It has been propped up by BTC’s mediocre performance over the past couple of days, but still experienced periods of amplified movement relative to BTC and thus reflected in its price vs BTC.

(Chart Source: Bitcoinwisdom)

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