Litecoin (LTC/USD) indeed broke the $7 mark threatened yesterday, falling to as low as $6.80 on BTC-e. It has since climbed back to $7.00, a key psychological level during what has been a seemingly unending decline since February. With today’s low, it is within striking distance of its 2014 low of $6.67 reached one month ago.
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In a deviation from the recent trend, daily volume has climbed considerably- over $2.2 million has been traded in the past 24h. This can be both good news and bad news. The higher volume may signal renewed interest in the coin, which has recently struggled to differentiate itself amid the plethora of new altcoins hitting the marketplace. On the other hand, the high-volume selling may be a sign of major holders losing hope and dumping their holdings.
Versus BTC, LTC has also hit a one-month low of 0.0117. It could have been worse had it not been for BTC’s mediocre behavior of late.
With today’s decline, LTC/USD continues to trade at a 15% discount to its 50-day moving average. At this point, it appears likely for this trend to continue, especially if the pair indeed breaches its 2014 low of $6.67.