The horrors of last week’s Litecoin (LTC) sell-off are resurfacing and this week’s recovery has stalled. Volume is picking up again, and those patterns of stretches of flat trade followed by sudden and steep drops have returned.
Selling has picked up during the past 3 hours, the coin losing 6%. Litecoin (LTC/USD) is now trading at $5.08, coming dangerously close to the lower end of its $5.08-$5.25 support range established earlier this week. Should this be breached, it’s a long way down. There isn’t much between this level and $4.66.
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Against Bitcoin, which has experienced only a slight drop of its own, LTC has dropped to 0.0102.
Update: LTC/USD just hit $5.05. More selling is likely.