Litecoin (LTC/USD) has found itself once again hitting new 2014 lows, briefly touching $3.35 on BTC-e during a similar drop and reversal sequence to that of bitcoin.
Although LTC’s performance has been respectable of late–it even advanced to two-week highs three days ago–recall that its recent flat/positive behavior has all been taking place in relative proximity to its lowest point in 2014. On October 7th, LTC fell to $3.39 on BTC-e and its 50-day moving average (MA) is currently $3.63, only seven percent higher.
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So when LTC fell off its recent highs 48 hours ago, the plunging of new lows became a real possibility, and with it, a resumption of LTC’s lengthy slump that took a two-month pause.
LTC has since jumped back up to $3.44 but, with the breach, the damage may have already been done, and a resumption of declines toward $3 during the next two weeks is possible.
Versus bitcoin, which has yet to test 2014 lows below $300 during its latest fall, LTC has slipped back below 0.01 BTC. This psychologically important level has been a tough one to hang on to, with stiff resistance encountered just above the mark for about a month.