Perhaps a dead cat bounce, but LTC/USD has jumped sharply to $4.70, nearly uninterrupted, since plummeting to $3.33 during yesterday’s flash crash. Within the past 30h, the pair has recovered by as much as 45%- a handsome return for anyone catching yesterday’s bottom, though not unusual for any asset losing over half its value within a span of 8 days.
With volatility back in “full swing”, Litecoin volume is back to levels from the good old days, ranging from $5m to $7 during the past 24h. This, despite LTC’s unit value which is but a fraction of what it used to be.
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With the bounce, the pair managed to prevent itself from falling further behind its 50-day moving average, now at $7.25. LTC/USD is now a whopping 35% below this mid-term indicator.
There is not much to report by way or support or resistance amid the current mayhem. What we can say is that the bounce should not be interpreted as any sort of recovery until the bleeding stops and a stable floor and uptrend are established over several months.