Litecoin (LTC) suddenly dropped by over 4% within the last 2h in a possible resumption of volatile trade. The drop is the biggest in 4 days. Hitting $5.15, LTC is challenging a short-term support level set 5 days ago, which served as platform to reach a 2-week high.
Should LTC breach this level, it could signal the end to its latest recovery effort. LTC is down by 70% during the past 6 months and 80% this year.
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Despite the drop, LTC remains within 10% of its 50-day moving average, which is still declining as it catches up to steep losses from August.
LTC/BTC experienced a similar drop as bitcoin prices have not budged. The pair now trades at 0.0111. It hit 0.0116 last week, its highest point since mid-August.
Litecoin appears to remain uninspired by the commencement of Dogecoin’s merged mining activities, with the excitement almost entirely one-sided.